Agree Realty Corp. develops retail property in St. Augustine

Agree Realty Corporation is developing, for retail use, a property pre-leased to a leader in the U.S. chain drugstore industry and is expected to be completed during the fourth quarter of 2010. The store will be located at the intersection of Shores Blvd. and U.S. 1. "We continue to maintain momentum supplementing our portfolio with high-quality assets," said Joey Agree, president of Agree Realty Corporation. "Projects such as this and our recent announcement in Atlantic Beach, exhibit our ability to execute for national retailers in difficult market conditions." Agree Realty is engaged in the ownership, management and development of properties which are primarily single tenant properties leased to major retail tenants and neighborhood community shopping centers. Agree Realty owns and operates a portfolio of 73 properties, located in 16 states and containing approximately 3.5 million s/f of leasable space.