Agree Realty Corp. Acquires 317 South State Street for Redevelopment
January 03, 2013 at 08:00 am EST
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Agree Realty Corp. announced that it has acquired 317 South State Street for redevelopment. The landmark building is on the northeast corner of State Street and North University Avenue in the historic district in downtown Ann Arbor.
The 18,000 square foot building is located directly across from the Diag on the central campus of the University of Michigan. Built in 1937, the structure was formerly occupied by Kresge's department store and later Michigan Book & Supply. The purchase price was $5.8 million.
The redevelopment, which is pre-leased under a twenty year agreement to the industry leader in the retail pharmacy sector, is expected to be completed by the second quarter of 2014.
Agree Realty Corporation is an integrated real estate investment trust (REIT) primarily focused on the ownership, acquisition, development and management of retail properties net-leased to tenants. The Company's assets are held by, and all of its operations are conducted through, directly or indirectly, the operating partnership, of which the Company is the sole general partner. Its portfolio consists of over 2,135 properties located in 49 states and totaling approximately 44.2 million square feet of gross leasable area (GLA). Its portfolio of properties is located in Texas, Ohio, Florida, Michigan, Illinois, North Carolina, New Jersey, Pennsylvania, California, New York, Georgia, Virginia, Connecticut, Wisconsin and others. Its tenants include Walmart, Dollar General, Tractor Supply, Best Buy, Dollar Tree, TJX Companies, O'Reilly Auto Parts, CVS, Kroger, Lowe's, Hobby Lobby, Burlington, Sherwin-Williams, Sunbelt Rentals, Wawa, Home Depot, TBC Corporation, Gerber Collision, and others.
AGREE REALTY CORPORATION 
