FARMINGTON HILLS, Mich., June 14, 2012 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has sold the Charlevoix Commons shopping center in Charlevoix, Michigan. The 137,000 square feet shopping center is anchored by Kmart in 86,479 square feet and Family Farm & Home in 35,896 square feet. The property was sold for approximately $3,500,000.
"We are pleased to complete the disposition of this non-core asset and will look to redeploy the capital into the acquisition and development of industry leading single-tenant net lease assets," said Joey Agree, President and Chief Operating Officer. "We continue to evaluate our portfolio to identify opportunities to further diversify our holdings and improve asset quality while executing on our disciplined operating strategy."
Agree Realty is primarily engaged in the acquisition and development of single tenant properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 86 properties, located in 23 states and containing approximately 3.4 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 at www.agreerealty.com.