Benzinga | Jan 19, 2022 06:15PM EST

Michigan-Based REIT Agree Realty To Move To New Headquarters

Agree Realty Corporation (NYSE:ADC), a Michigan-based real estate investment trust, announced Wednesday plans to move its headquarters to Royal Oak, a suburb about 20 minutes north of downtown Detroit.

Agree's new headquarters will be built on the lot of an old Art Van Furniture, a now-defunct Midwest retailer. Renderings of the new headquarters were released in Wednesday's press release.

Despite the uncertainty of the real estate market throughout the COVID-19 pandemic, Agree stayed busy, investing more than $3 billion across different platforms. The company invests in shopping centers and owns the buildings and lots of certain Autozones, Best Buys, AMCs, Costcos, Chick Fil As and more.

The full portfolio of investments is available on Agree's website.

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"As we approach $7 billion in enterprise value driven by the nearly $3 billion dollars invested since the start of the pandemic, we quickly recognized the need for additional space to support our accelerated growth trajectory," said Joey Agree, President and CEO. "This facility will incorporate state-of-the-art technology and environmentally friendly features to create a best-in-class space for our growing team."

Agree currently owns properties in all of the 48 contiguous states besides Vermont.

"The company currently employs 65... Construction is expected to begin this quarter and finish by the second quarter next year. By that time, the firm could expand to more than 80 people," according to Crain's Detroit.