Mid-Atlantic to develop second Walgreens drugstore in Petersburg

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

Second Walgreens in Greater Petersburg Under Development

DINWIDDIE COUNTY, Virginia - (January 2007) – Mid-Atlantic Commercial Properties, LLC (Mid-Atlantic) is pleased to announce that it has completed the acquisition of approximately 2 acres at the northeast corner of Cox Road and Washington Street in Dinwiddie County, Virginia for the development of a new Walgreens drugstore. This will be the eighth Walgreens location developed in the Commonwealth of Virginia by Mid-Atlantic.

The newly acquired property has been rezoned for commercial use, and will soon feature a 14,820 square foot Walgreens drugstore with a double-lane drive-thru pharmacy. Mid-Atlantic was represented by Jones Realty and Construction Corporation. This will be the second Walgreens built in the Greater Petersburg area. Mid-Atlantic recently completed the development of a Walgreens drugstore at the northwest corner of Crater Road and Crater Circle in the City of Petersburg.

“We are excited about our second retail development in this area,” said Richard Magner, Senior Vice President of Development for Mid-Atlantic. “It is our hope that we can deliver the store by mid-2007.”

The drugstore will be located four miles from US 460, and will be easily accessible from both Cox Road & Washington Street. It will service the growing number of residential developments in the area. The anticipated start date for construction is first quarter 2007.

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 affiliates, 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 2006 sales of $47.4 billion. As of December 31, 2006, the company operated 5,584 drugstores in 47 states and Puerto Rico, versus 5,080 a year ago. 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.