Agree Realty Announces Sale of Former Borders in Omaha, NE
FARMINGTON HILLS, Mich., May 30, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has sold a 30,000 square foot single-tenant property formerly leased to Borders, Inc. located in Omaha, Nebraska. The property was sold for approximately $2,750,000.
Additionally, the Company has two additional transactions pending on former Borders locations. These assets are located in Monroeville, Pennsylvania and Columbus, Ohio.
The Company has executed a letter of intent to lease the property formerly occupied by Borders in Monroeville, Pennsylvania to an industry-leading home fashion retailer. The property in Columbus, Ohio is currently under contract for sale. Closing of this transaction is subject to satisfactory completion of the purchaser's due diligence investigations and other customary closing conditions, and there is no assurance that the conditions will be satisfied or that the sale will occur as contemplated. The Company continues to market its Lawrence, Kansas property for sale or lease.
Agree Realty is primarily engaged in the ownership, development, acquisition and management of single tenant properties leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 86 properties, located in 22 states and containing approximately 3.5 million square feet of gross leasable space. The common stock of Agree Realty Corporation is listed on the New York Stock Exchange under the symbol "ADC".
The Company considers portions of the information contained in this release to be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended. These forward-looking statements represent the Company's expectations, plans and beliefs concerning future events. Although these forward-looking statements are based on good faith beliefs, reasonable assumptions and the Company's best judgment reflecting current information, certain factors could cause actual results to differ materially from such forward–looking statements. Such factors are detailed from time to time in reports filed or furnished by the Company with the Securities and Exchange Commission, including the Company's Form 10-K for the year ended December 31, 2011. Except as required by law, the Company assumes no obligation to update these forward–looking statements, even if new information becomes available in the future.
For additional information, visit the Company's home page on the Internet at http://www.agreerealty.com.
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