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RANCHO CORDOVA, CA-Agree Realty Corp. has purchased a land parcel here to be developed for use by an industry leader in the retail pharmacy sector. The project, which is pre-leased to the tenant under a 25-year agreement, is expected to be completed by the first quarter of 2013.

The site, strategically located at the northeast corner of Folsom Blvd. and Zinfandel Dr., previously consisted of numerous structures, including a motel, a multifamily residential structure and a closed restaurant. Existing retailers in the immediate vicinity include Wal-Mart, Safeway, Target, Grocery Outlet, Ross Dress for Less and Kohl’s.

“We are pleased to announce our third California development project in the past three years,” says Joey Agree, president and COO of Agree. “This project is a testament to the commitment of our land acquisition team and their ability to source irregular parcels to be redeveloped as retail uses. Our team worked in conjunction with the City of Rancho Cordova to bring this exciting redevelopment to fruition.”

GlobeSt.com was unable to reach Agree before deadline to discuss the purchase price, previous owner, projected cost of the project, start date for construction or whether the company owns other parcels or properties in the area.

GlobeSt.com spoke with Al Maximiuk, CFO of Agree, who was unable to provide the details about the future tenant, purchase price, parcel’s previous owner and project’s cost. The date for breaking ground has not yet been set, and Agree owns no other parcels or properties in the area, he added.

This is not the first redevelopment project Agree has taken on in California. As GlobeSt.com previously reported, in January 2011 the company embarked on a redevelopment at the southeast corner of Shattuck Avenue and Cedar Street in Berkeley, CA. The project, on behalf of a national leader in the chain drugstore industry, was developed and overseen by Agree for a fee paid upon completion. “This is the second such development that we have undertaken in northern California,” said Agree at the time. “This project exemplifies our flexibility and ability to execute on behalf of national retailers.”

Also at that time, Maximiuk told GlobeSt.com that the Berkeley site formerly housed Elephant Pharmacy, which filed for bankruptcy protection in 2009 and vacated the structure, which encompassed approximately 13,000 square feet with 36 street-level parking spaces. “ADC, in conjunction with the City of Berkeley, was able to successfully market the property and secure a long term commitment from an industry leading drug store chain,” he then said. “The project entails a complete rehabilitation of the existing building and a substantial investment in the asset.”

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Agree Realty&#146;s Land Parcel To Serve Retail Tenant

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