Agree Realty initiates three development projects for $14.5M
Agree Realty has commenced three projects through its development and partner capital solutions programs for a combined total cost of approximately $14.5M. The company has commenced redevelopment activities on the premises most recently occupied by Off Broadway Shoes in Boynton Beach, Florida. The project consists of a 16,000 square foot expansion, as well as an adaptive reuse of the existing 20,745 square foot building. The total cost of the redevelopment is approximately $4.5M and rent is anticipated to commence in 3Q17. The company also recently closed on a 12.9 acre parcel of land located in Georgetown, Kentucky, where it will develop a new 30,731 square foot building for Camping World. The total project cost is approximately $8.5M and the company will own a 100% fee simple interest upon completion. Rent is anticipated to commence in 3Q17. The company also closed on a parcel of land in Hamilton, Montana, where construction has commenced on a Burger King restaurant. Meridian has executed a new 20-year net lease and rent is expected to commence by year-end 2016. The total project cost is approximately $1.5M. The Company will own a 100% fee simple interest in the project upon completion.