FARMINGTON HILLS, Mich., Oct. 4 /PRNewswire-FirstCall/ -- Agree Realty Corporation (NYSE:ADC) today announced that it had acquired the fee interest in a parcel of land located in Lawrence, Kansas for $980,000. The property, located at the corner of Seventh Street and New Hampshire, was previously leased by Agree from a private investor. Agree leases the entire project to Borders Group, Inc.
"The acquisition of this parcel of land adds significant value to one of our existing properties and increases our return on investment," said Richard Agree, President and Chairman of Agree Realty Corporation.
Agree Realty Corporation is engaged in the ownership, management and development of properties, which are primarily single tenant net leased properties or neighborhood community shopping centers, leased to major retail tenants.
Agree Realty Corporation 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 27E of the Securities Exchange Act of 1934, both as amended, with respect to the Company's expectation for future periods. Such statements are, by their nature, subject to certain risks and uncertainties. The Company cautions that, as a result of a number of factors, actual results could differ materially from those set forth in this presentation. Other risks, uncertainties and factors that could cause actual results to differ materially than those projected are detailed from time to time in reports filed by the Company with the Securities and Exchange Commission, including Forms 8-K, 10-Q and 10-K.
Source: Agree Realty Corporation
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