Mid-Atlantic announces fourth development in Greater Richmond

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

Acquisition complete to develop Walgreens drugstore in Henrico County

HENRICO COUNTY, Virginia - (June 3, 2005) – Mid-Atlantic Commercial Properties (Mid-Atlantic) announces it has completed the acquisition of 2.1 acres of land to develop a new Walgreens drugstore in Henrico County.

Mid-Atlantic will develop a new 14,820 square foot retail building with a double-lane drive-thru at the northeast corner of Laburnum Avenue and Williamsburg Road. The property is an assemblage of two existing retail properties owned by Branch Banking and Trust (BB&T) and West Hampton Properties. The purchase price was $1.7 million.

The new Walgreens store is expected to break ground this summer, and it has already been approved by the Henrico County Board of Supervisors to operate on a twenty-four hour basis. The project will feature enhanced landscaping and a new 8’ concrete wall to buffer the commercial development from the adjacent Virginia Heights residential neighborhood. “This development will serve an important retail need in the Varina District of Henrico County,” said Trey Morgan, President of Mid-Atlantic. “We continue to be excited about our efforts to promote the expansion of Walgreens in Virginia, as our company continues to pursue new opportunities in the region.”

Mid-Atlantic is a preferred developer of the Walgreen Co. The company is affiliated with Morgan Real Estate, Inc., a licensed real estate broker, asset manager, and commercial developer based in Fort Lauderdale, Florida. Mid-Atlantic 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.