FARMINGTON HILLS, Mich., Jan. 3, 2013 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) today 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.

"We are extremely pleased to announce the acquisition and redevelopment of 317 South State Street," said Joey Agree, President and Chief Operating Officer of Agree Realty Corporation. "This is an exciting project, that once complete will be a jewel in our portfolio of net lease assets and a fixture on the University campus for many years."

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 109 properties, located in 27 states and containing approximately 3.3 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, 2011. 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