FARMINGTON HILLS, Mich., May 16, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it closed on a 4.2 acre parcel of land in conjunction with Real Estate Affiliates, Inc. as part of its Joint Venture Capital Solutions program. The joint venture will be developing a single tenant Hobby Lobby store in Grand Forks, North Dakota. Hobby Lobby has executed a 15 year lease to occupy 55,000 square feet. Agree provided the necessary capital and will be the sole owner of the property upon project completion.
"Our Joint Venture Capital Solutions program provides another avenue of growth for the Company by providing both capital and support to experienced net lease developers who want to focus their efforts on growing their development pipelines with their valued retailer relationships," said Joey Agree, President and Chief Executive Officer. "We are excited to add Hobby Lobby to our growing roster of industry leading net lease retailers."
"We are extremely pleased to partner with Agree Realty and participate in their Joint Venture Capital Solutions Program. We were able to tailor a capital structure that was mutually beneficial to both parties. Not only did Agree provide the capital but also the expertise to get this deal completed in an expedited timeframe," said Alan Gottlieb, President of Real Estate Affiliates, Inc.
Agree Realty's Joint Venture Capital Solutions program provides developers with a one-stop shop to secure the capital necessary to complete net lease retail projects with a forward commitment to purchase upon project completion.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 117 properties, located in 31 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".