Agree Realty Announces Florida Development Project

Realty company acquires space used to construct Chase bank.

FARMINGTON HILLS — Agree Realty Corp. announced Tuesday that it has acquired the southeast corner of Indian Avenue and S. Tamiami Trail and will ground lease the parcel to JPMorgan Chase. The company and Chase have previously executed a 20 year ground lease. Chase intends to construct a retail bank branch on the site.

Agree Realty Corp. is primarily engaged in the development and acquisition of single tenant retail properties leased to industry leading retail tenants. Agree Realty owns and operates a portfolio of 85 properties, located in 21 states and containing 3.4 million square feet of leasable space.

“With this announcement, we now expect to have five projects under construction by the end of the third quarter,” said Joey Agree, President and COO. “We continue to expand our presence in Florida as our development team uncovers high-quality opportunities to add to our growing portfolio.”