Mid-Atlantic to develop Walgreens drugstore in Greater Nashville

Contact Information:
Media Contact: Trey Morgan
(954) 522-6010, Ext. 110
Email: tmorgan@flaprop.com

Drugstore to Open on Site in the First Quarter of 2006

NASHVILLE, Tennessee - (May 27, 2005) – Mid-Atlantic Commercial Properties (Mid-Atlantic), in partnership with the Walgreen Co., announces its first commercial project in the greater Nashville area.

Mid-Atlantic will develop a new 14,820 square foot Walgreens drugstore with a double-lane drive-thru at the southeast corner of Murfreesboro Pike and Hamilton Church Road in the City of Antioch. The property was purchased by Walgreen Co. from Scott and Christine Butler. The Carden Company, Inc. was awarded the construction on the project, which will commence in early June.

The new Walgreens store is expected to open in April 2006. Mid-Atlantic is a preferred developer of the Walgreen Co. in the southeast and mid-Atlantic. “Walgreens is well positioned in the Nashville market and our company is glad to be part of the expansion of their retail operation here,” said Trey Morgan, President of Mid-Atlantic. “We are actively seeking new development opportunities throughout Tennessee both for Walgreens and our other retail clients.”

Mid-Atlantic Commercial Properties is affiliated with Morgan Real Estate, Inc., a licensed real estate broker, asset manager, and commercial developer based in Fort Lauderdale, Florida. The company focuses on both single and multi-tenant retail projects anchored by repeat clients like Walgreens, Publix, Blockbuster, Starbucks and Wendys, and currently has active projects in Florida, Tennessee, Virginia and the District of Columbia.

Walgreen Co. is the nation's largest drugstore chain with fiscal 2004 sales of $37.5 billion. The company operates 4,761 stores in 45 states and Puerto Rico. Walgreens also provides additional services to pharmacy patients and prescription drug plans through Walgreens Health Initiatives (a pharmacy benefits manager), Walgreens Mail Service, Walgreens Specialty Pharmacy and Walgreens Home Care.