For more retail coverage, click GlobeSt.com/RETAIL.
FARMINGTON HILLS, MI-Agree Realty Corp. has priced a public offering of one million shares of the company's common stock at $28 per share. The REIT, which says it will realize about $27.1 million from the sale, will use the proceeds to reduce debt and for general corporate purposes.
Raymond James & Associates acted as the sole underwriter for the offering. Agree also granted Raymond James an over-allotment option to purchase an additional 150,000 shares of common stock.
Shares of Agree, which trade on the New York Stock Exchange, ended 2004 trading above $31. The stock price was trading around $29 to begin the week.
Agree also said last week that it has acquired a property in Delta Township, near Lansing. The company's budgeted cost for the project is $4.6 million. Agree says the project is preleased and is expected to be completed during the second quarter.
Agree owns and develops primarily single-tenant retail properties around the US.
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