The former Art Van in Royal Oak will be converted into the headquarters of Agree Realty

Detroit-based Sachse Construction is the contractor for the former Art Van furniture construction project, while Birmingham-based Biddison Architecture + Design is the architect.

D’accord declined to disclose the amount spent on the construction, but described it as a “significant renovation that will convert a former retail furniture store into a modern 21st century workspace” by adding things such as training and development areas, a gym and locker rooms and other employee amenities.

The building gives Agree Realty “significant capacity for growth on a single floor slab in a single building,” Agree said, also noting the property’s centralized location in the area.

“We had preferred to stay within a five-mile radius of our current headquarters,” Agree said. “The opportunity here is extremely unique, finding a 50,000 square foot floor plate on Woodward Avenue with covered parking in a terrific location was compelling.”

At the end of 2021, Agree Realty had a portfolio of just over 1,400 properties with approximately 29 million square feet of space. Its enterprise value is approximately $6.7 billion.

Less than two years ago, it had more than 860 properties and some 16.3 million square feet. And when it began construction on its addition to its current headquarters less than three years ago, it had 660 properties with about 11.5 million square feet, Crain reported at the time.

In 2021, Agree Realty purchased 290 properties for a total volume of approximately $1.39 billion, the company announced earlier this month, and sold 18 properties for a total of $58 million. The company currently expects $1.1 billion to $1.3 billion in acquisitions this year and between $25 million and $75 million in divestments, though those numbers may be adjusted as the year progresses.

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