Agree Realty announces development, JV projects Agree Realty announced that it recently closed on a parcel of land located in Salem, Oregon through its Joint Venture Capital Solutions program with Real Estate Affiliates. Cash & Carry Smart Foodservice has executed a 15-year net lease to occupy the 23,500 square foot store upon completion. The total project cost is approximately $5.8M. Rent is anticipated to commence during the first quarter of 2016. The Company will own a 100% interest in the project. Additionally, construction has also commenced on the development of a Hobby Lobby store in Springfield, Ohio. Hobby Lobby has executed a 15-year net lease to occupy the premises. The project has anticipated total costs of approximately $5.0M and is expected to be complete by the end of Q2 of 2016.