Real estate developer’s three-year plan starts bearing fruit
When a Florida-based real estate company doggedly pursues a small Farmington Hills-based REIT with three all-cash offers over a month, it’s difficult to find a word other than “flattering.”
After all, the final offer for Agree Realty Corp. [NYSE:ADC] topped out at $395.64 million, a 19 percent premium. But Agree Realty quietly spurned each bid.
The offers are symbolic of what’s happening in the world of real estate investment trusts. But they also demonstrate the confidence Agree Realty – landlord to the likes of bookseller Borders Group Inc., pharmacy powerhouse Walgreen and others – has in adding dots to its map and bringing at least one more national retailer into its fold.
The next eight months, says Joey Agree, the company’s executive vice president and son of founder, President and Chairman Richard Agree, will bear out that confidence in the company’s three-year plan.