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PLAINFIELD, IN-Agree Realty Corp. has purchased a 38-acre parcel here and plans lease 32 acres to Meijer Inc., which will build a new superstore here on Dan Jones Road and US 40. Including a few out-parcels, the entire project will exceed 225,000-sf of retail, said Agree executives in a statement. “This site, strategically located 15 miles southwest of Indianapolis, will serve a trade area which has seen expansive retail growth in recent years,” said Richard Agree, president and chairman, in the statement.

Ken Howe, Agree’s CFO, tells GlobeSt.com that there may be more retail built on the site. “We’re going to evaluate some additional land to do our own leasing and development,” Howe says. He wouldn’t comment on what type of retail, how much or the cost of development. The lease rate wasn’t confirmed, either. Average retail lease rates are about $10 per sf in the southwest Indianapolis area, according to a third quarter Marcus & Millichap market report.

Agree is currently building retail centers in Barnesville, GA; Macomb Township, MI; Ypsilanti, MI; East Lansing, MI; Shelby Township, MI and Marion County, FL. The company’s total assets were $230.8 million with a portfolio of 61 properties in 15 states, totaling 3.4 million sf, according to the company’s third quarter report. The company’s construction in progress balance totaled about $11.4 million as of Sept. 30. The firm’s main tenants are Walgreens with 19 stores, Borders Books with 18 stores and Kmart with 12 stores, which together bring in a total $20.8 million in annualized rent

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