Morgan Real Estate Sells Freestanding Walgreen Drugstore in Virginia

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

Newly developed drugstore sold in Richmond, Virginia

HANOVER COUNTY, Virginia - (January 2007) – Morgan Real Estate (MRE) is pleased to announce the sale of a freestanding Walgreen drugstore, located at the northeast corner of Williamsburg Road & Laburnum Avenue in Richmond, VA. This 14,820 square foot drugstore was developed by Mid-Atlantic Commercial Properties, LLC and opened in Fall 2006. Triess Group, LLC, whose managing partner is David Shields, purchased the property for $5,200,000. This is the second Walgreen drugstore MRE has sold in Virginia.

MRE recently sold another freestanding Walgreen drugstore in Virginia at the northwest corner of Crater Road and Crater Circle in the city of Petersburg.

“There is a solid and aggressive market for Walgreens and other triple net leased credit tenant properties,” said Mr. George A. Morgan, Jr., President of Morgan Real Estate. “There are still more buyers than sellers and well located properties like these move quickly.”

For over thirty years, Morgan Real Estate, an affiliate company of Morgan Property Group, has been a licensed real estate broker. Its headquarters is in Fort Lauderdale, Florida, and the company focuses on investment brokerage, 1031 exchanges, and property management.

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.