Walgreens drugstore to be developed in South Florida

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

Drugstore to Open on Site in First Quarter 2008

Tamarac, Florida – (October 2006) – Morgan Property Group is pleased to announce the development of a new Walgreen drugstore in South Florida. This drugstore will be located at the southeast corner of Commercial Boulevard and North State Road 7 in Broward County.

FPIP XIV, LLC, managed by Morgan Property Group, acquired the two parcels for this development (approximately 1.67 acres) from BP Products North America, Inc. Mr. Scott D. Copeland of On Course Development represented FPIP XIV, LLC as the broker.

“This has been a target intersection for the Walgreen Co. for several years, “ said George Morgan, President of Morgan Property Group. “We are excited to finally deliver this important site to them.”

The freestanding Walgreen drugstore will be 14,820 square feet with a drive-thru lane. The anticipated start date for construction is March 2007. The store opening is planned for early 2008.

Morgan Property Group is a commercial development firm, with its headquarters 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.