Mid-Atlantic to develop 1st Walgreens drugstore in Marion

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

MARION, Virginia – (April 2006) – On April 14th, Mid-Atlantic Commercial Properties, LLC (Mid-Atlantic) acquired 2.48 acres of land at the southwest corner of North Main Street and Park Boulevard. This will be the future home of the first Walgreens drugstore in the Town of Marion, Virginia, and it will be the fifth Walgreens drugstore Mid-Atlantic has developed in the Commonwealth of Virginia.

The new free-standing Walgreens drugstore is 14,550 square feet, and will feature a double-lane drive-thru. “We see a great deal of growth potential for Walgreens in southwest Virginia,” said Trey Morgan, President of Mid-Atlantic. “We are excited to be a part of those expansion efforts.”

The acquisition consists of two parcels. One parcel was purchased from the Estate of Frederick Q. Graybeal. The second parcel was purchased from J.S. Staley. Jones Corporation and Anderson and Associates represented Mid-Atlantic.

The United States Department of Agriculture (USDA) will continue to occupy 1112 North Main Street, which will be located behind the Walgreens. Additional commercial property will be available for development adjacent to the USDA building.

Mid-Atlantic Commercial Properties, LLC is a commercial development firm, with its headquarters based in Fort Lauderdale, Florida. Mid-Atlantic focuses on neighborhood shopping center and single-tenant retail projects anchored by repeat clients like Walgreens, Publix, Sheetz, Starbucks and Wendy’s. In addition, the company deals with investment brokerage and 1031 exchanges. Mid-Atlantic, along with its affiliate Morgan Property Group, has several active development projects in Virginia, Tennessee, Florida, and Washington D.C.

Walgreen Co. is the nation's largest drugstore chain with fiscal 2005 sales of $42.2 billion. The company operates 5,193 stores in 45 states and Puerto Rico. Walgreens also provides additional services to pharmacy patients and prescription drug and medical plans through Walgreens Health Services, its managed care division, which includes Walgreens Health Initiatives Inc. (a pharmacy benefits manager), Walgreens Mail Service Inc., Walgreens Home Care Inc. and Walgreens Specialty Pharmacy.

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.