Mid-Atlantic to develop first Walgreens drugstore in Pulaski

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

Drugstore to open on site in early 2008

PULASKI COUNTY, Virginia - (February 2007) – Mid-Atlantic Commercial Properties, LLC (Mid-Atlantic) is pleased to announce that it has completed the acquisition of approximately 2 acres of land at the southeast corner of Lee Highway & Memorial Drive in Pulaski County, Virginia for the development of a new Walgreens drugstore. This will be the ninth Walgreens location developed in the Commonwealth of Virginia by Mid-Atlantic.

The newly acquired property was purchased from the First Pentecostal Holiness Church. It has been rezoned for commercial use, and will soon feature a 14,460 square foot Walgreens drugstore with a double-lane drive-thru pharmacy. Mid-Atlantic was represented by Jones Realty and Construction Corporation and Copty & Company in this transaction. This will be the first Walgreens built in Pulaski County.

“This development will further solidify Walgreen Co.’s expansion through the I-81 corridor or western Virginia,” said Trey Morgan, President of Mid-Atlantic.

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.