FARMINGTON HILLS, MI /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has acquired the southeast corner of Indian Avenue and S. Tamiami Trail in Venice, FL and will ground lease the parcel to JPMorgan Chase.
The Company and Chase have previously executed a twenty-year ground lease. Chase intends to construct a retail bank branch on the site.
"We are extremely pleased to announce another Florida development project on behalf of an industry-leading net lease tenant,” said Joey Agree (middle right photo), President and Chief Operating Officer.
“With this announcement, we now expect to have five projects under construction by the end of the third quarter. We continue to expand our presence in Florida as our development team uncovers high-quality opportunities to add to our growing portfolio."
Agree Realty Corporation is primarilyengaged in the development and acquisition of single tenant retail properties leased to industry leading retail tenants.
Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 million square feet of leasable space.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com
Contact:
Alan Maximiuk,
Chief Financial Officer,
+1-248-737-4190
Web Site: http://www.agreerealty.com
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