Morgan Property Group to develop a new Walgreens in Miami-Dade County

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

Drugstore to open in Fall 2007

Miami, Florida - (September 2006) – Morgan Property Group (MPG) continues its retail development expansion in South Florida, announcing the development of a new Walgreens drugstore in Miami-Dade County. The new drugstore will be located at 3490 Bird Avenue, near the southeast corner of Bird Avenue and U.S. 1, in Miami-Dade County.

Walgreen Co. purchased approximately 41,370 square feet of land for development from Mr. Anthony C. Tirri. MPG will serve as the developer in this project. Mr. Scott Copeland, of On Course Development, LLC, represented the purchaser in this transaction.

“Walgreen Co. has been looking for a replacement location for quite some time, and we are happy to offer this site to satisfy that relocation need,” said Mr. George A. Morgan, Jr., President of Morgan Property Group. “This relocation gives Walgreen Co. the opportunity to have a free-standing store with dedicated parking, as well as, be able to offer their customers a drive-thru service. We think they will do very well here.”

The new free standing Walgreens drugstore will be over 10,000 square feet. The building will have a Bahamian style architecture, and will feature a single lane drive-thru. It is expected to open in Fall 2007.

Morgan Property Group is a commercial development firm based in Fort Lauderdale, Florida. MPG 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. Morgan Property Group, along with its affiliates, has over a dozen 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 5,401 stores in 47 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.