This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Agree Realty Announces Illinois Joint Venture

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.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs