Walgreens drugstore to be developed in the City of Lynchburg

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

Drugstore to Open on Site in Summer 2007

Lynchburg, Virginia – (September 2006) – Mid-Atlantic Commercial Properties, LLC (Mid-Atlantic) announces the development of a new Walgreens drugstore in the City of Lynchburg at the northwest corner of Boonsboro Road and Old Boonsboro Road. This will be seventh Walgreens drugstore Mid-Atlantic has developed in the Commonwealth of Virginia.

“We are excited to add another high quality retail development in the Boonsboro Road corridor,” said Trey Morgan, President of Mid-Atlantic. “We will continue the tradition of high quality buildings in this area.”

Boonsboro Road Realty, LLC, managed by Mid-Atlantic, acquired approximately 1.4 acres of land, currently known as the Oakwood Square Shopping Center, from Mr. Salvatore Vitale and Mrs. Antonina L. Vitale. Milton Realty Service Company, Inc. represented the Seller, and Jones Realty and Construction Corporation represented Mid-Atlantic as the brokers.

“Not only was this a successful transaction for all, but we were able to relocate existing tenants to other high profile sites in the Lynchburg area,” said Mr. George Lupton of Milton Realty Service Company, Inc. Edward Jones and Milanos Italian Restaurant will remain in the shopping center for a short term before construction activities begin.

The free-standing Walgreens drugstore will be 14,340 square feet, and will feature a single lane drive-thru. The anticipated start date for construction is December 2006.

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 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.