Morgan Property Group to develop two more Walgreens in South Florida

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

FORT LAUDERDALE, Florida - (January 2006) - Morgan Property Group will continue to expand its multi-state retail program with the Walgreen Co. by developing two new drugstores in South Florida. One drugstore will be located at the NEC of Oakland Park Boulevard & Andrews Avenue in Broward County, and the other at the SEC of SW 288th Street & South Dixie Highway in Miami-Dade County.

On July 5, 2005 Morgan Property Group acquired 2 parcels of land in Broward County from Malco Enterprises, Inc. and Sherman Investments, Inc. The new Walgreens to be built on these properties will consist of a 14,550sqft. retail building with a single lane drive-thru, and is expected to open in Fourth Quarter 2006. The purchase price was $3,311,000.00.

Morgan Property Group also acquired approximately 2 acres of land in Miami-Dade County from D&G Properties, Inc. on December 2, 2005. They will be developing a 14,820sqft. drugstore, featuring a double lane drive-thru. This drugstore is expected to open in Fourth Quarter 2006, and the purchase price was $2,080,000.00.

"These stores are excellent improvements, providing drive-thru lanes that their existing facilities currently do not provide," said Scott Copeland, Florida Development Director of Morgan Property Group, LLC. "The Walgreen Co. has been targeting these intersections for some time, and with the persistence of Morgan Property Group, now Walgreens will provide the community with much better services."

Both upcoming drugstores will serve as relocations for existing Walgreens drugstores. On-Course Development, LLC was the brokerage firm used in each transaction.

Morgan Property Group is a licensed real estate broker, property manager, and commercial developer based in Fort Lauderdale, Florida. The company focuses on neighborhood shopping center and single-tenant retail projects anchored by repeat clients like Walgreens, Publix, Blockbuster, Starbucks and Wendys. In addition, the company deals with investment brokerage and 1031 exchanges. Morgan Property Group, along with its affiliate Mid-Atlantic Commercial Properties, has several active development projects in Virginia, Tennessee, Florida, and Washington D.C.

Walgreen Co., based in Deerfield, Illinois, is the nation's largest drugstore chain with fiscal 2004 sales of $37.5 billion. As of December 31st, 2005, the company operated 5,000 drugstores in 45 states and Puerto Rico, versus 4,714 a year ago, and plans to open more than 400 net new stores per year for the next five years. 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.

For more information, please visit Morgan Property Group at www.morganpg.com or contact us by phone at 954-522-6010 to discuss your commercial real estate needs.