08/09/2012 | By Carisa Chappell
Agree Realty Corp. (NYSE: ADC) is working with retailers that are both "web resistant" and "recession resistant" as the firm undertakes new projects across the country, according to Joey Agree, president and COO of the Michigan-based, single-tenant retail REIT.
The company recently completed work on the site of a McDonald's restaurant in Southfield, Mich., and has several projects that are currently under construction. They include the sites for a Walgreens drug store in Rancho Cordova, Calif., a Wawa gas station and convenience store in Kissimmee, Fla., and a JP Morgan Chase bank branch in Venice, Fla.
"For the remainder of the year, we anticipate additional announcements on the West Coast and in the Southeast, as well as some additional announcements in the Midwest," Agree said during a REIT.com video interview filmed in New York during REITWeek 2012: NAREIT's Investor Forum. "So, we've got a number of project teed up and ready to go. We are excited to get in the ground."
Additionally, Agree said the company has two other Wawa store sites in central Florida that he anticipates beginning construction on some time in the third quarter. The company is also working on the redevelopment of a Borders Books & Music store in Monroeville, Pa.
From a geographic perspective, Agree said conditions for the retail sector in parts of the Southeast and Midwest remain challenging. However, he added that the retailers that Agree Realty works with all have stores that are performing strongly and are geographically dispersed throughout the country.
"So, the performance is really based on a unit basis, rather than a geographic basis," he said. "We continue to work with retailers throughout the country on net new store opportunities as well as relocations."