Agree Realty Corp. (NYSE:ADC) , the Bloomfield Hills, MI-based retail real estate investment trust (“REIT”) has started three projects through the development and partner capital solutions programs. These projects with a total cost of around $14.5 million reflect the commitment of the company to provide something unique to the retailers.
The redevelopment activities have started on the premises which were most recently occupied by Off Broadway Shoes in Boynton Beach, FL. The project involves 16,000 square foot expansion as well as activities for reusing a 20,745 square foot building. The total cost for this project is estimated to be around $4.5 million.
Agree Realty has also closed a land parcel in Georgetown, KY for constructing a new 30,731 square foot building for Camping World with an estimated project cost of $8.5 million. In addition, the company has closed a land parcel in Hamilton, MT for construction of a Burger King restaurant for a total cost of around $1.5 million.
Agree Realty is engaged in developing, acquiring, owning and operating properties which are primarily leased to major national and regional retail companies under net leases.
Some other stocks in the same space include EPR Properties (NYSE:EPR) , The Macerich Company (NYSE:MAC) and Retail Opportunity Investments Corp. (NASDAQ:ROIC) .
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MACERICH CO (MAC): Free Stock Analysis Report
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