FARMINGTON HILLS, Mich., Oct. 9, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has closed on a 4.5 acre parcel of land through its Joint Venture Capital Solutions program. TJ Maxx, Ross Dress for Less and Petco have executed ten year net leases to occupy 62,450 square feet. Agree will construct the project and be the sole owner of the property upon project completion. The property is located within the New Lenox Town Center in New Lenox, Illinois. New Lenox Town Center is a 450,000 square foot regional power center anchored by a Walmart Supercenter and Menards. The total project cost is estimated at $8 million.
"Our Joint Venture Capital Solutions program continues to produce outstanding opportunities that leverage our partner's capabilities as well as our balance sheet and development expertise," said Joey Agree, President and Chief Executive Officer. "We are very pleased to add three industry leading tenants, TJ Maxx, Ross Dress for Less, and Petco, to our growing roster of industry leading retailers."
"This is another great example of how our Joint Venture Capital Solutions program can add significant value and provide support to experienced net lease developers," added Laith Hermiz, Executive Vice President of Agree Realty Corporation.
"We are pleased to complete yet another transaction with Agree Realty. We were able to tailor a structure that was mutually beneficial to both parties with Agree providing the expertise to get this deal completed in an expedited time frame," said John McVickers, President of McVickers Development, LLC.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 commitment to purchase upon project completion.