FARMINGTON HILLS, Mich., Jan. 8, 2014 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today announced that it has executed a lease with Hobby Lobby to occupy the space vacated by Glen's Market at Petoskey Town Center in Petoskey, Michigan. Hobby Lobby will occupy 42,241 square feet under a ten year lease agreement. Retrofitting the space is expected to commence this month and Hobby Lobby is expected to open for business in the third quarter of 2014.
"We are extremely pleased that Hobby Lobby is joining Petoskey Town Center," said Laith Hermiz, Executive Vice President of Agree Realty Corporation. "Hobby Lobby is an industry leader in the craft and hobby sector. Their addition compliments and enhances the retail mix at Petoskey Town Center."
Agree Realty is primarily engaged in the acquisition and development of properties net leased to industry leading retail tenants. The Company currently owns and operates a portfolio of 131 properties, located in 33 states and containing approximately 3.8 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".
For additional information, visit the Company's home page at www.agreerealty.com.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, 2012. 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. SOURCE Agree Realty Corporation