Morgan Real Estate Announces Sale of NNN Lease Property In Virginia

Contact Information:
Media Contact: Trey Morgan
Morgan Real Estate, Inc.
(704) 227-1005
Email: tmorgan@morganpg.com

Not Actual Site Not Actual Site

LYNCHBURG, Virginia – (August 20, 2007) – Morgan Real Estate, Inc., a Florida based real estate broker and a market leader in the sale of triple net retail properties, announced today the sale of single-tenant Sheetz gas station and convenience store in Lynchburg, Virginia for a sales price of $2,630,000, equivalent to a 6.38% capitalization rate.

Morgan Real Estate, Inc. co-brokered with Dean Zang of Marcus & Millichap to represent the Seller, Wards Road Realty, LLC in the sale and Marstellar Realty, Inc. represented the buyer, a private investor based in Maryland. The property is located at the northeast corner of the signalized intersection of Wards Road and Atlanta Avenue, and is situated on a 1.95-acre parcel of land. The Sheetz lease initial term is fifteen years, and the store will open in the fall of this year.

“The buyer acquired a prime property in the heart of one of the busiest commercial corridors in Lynchburg,” said Trey Morgan, Executive Vice President of Morgan Real Estate, Inc. “Sheetz will join Wal-Mart Supercenter, Target, and the tenants of River Ridge Mall on Wards Road.”

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.

Sheetz, Inc. is one of America's fastest growing family-owned and operated convenience store chains, with more than $3.8 billion in revenue for 2006 and more than 11,000 employees. The company operates more than 330 convenience locations throughout Pennsylvania, West Virginia, Maryland, Virginia, Ohio and North Carolina. All Sheetz convenience stores are open 24 hours a day, 365 days a year. For more information, visit www.sheetz.com.

For more information on this transaction, please contact Trey Morgan at 704-227-1005. For more information on Morgan Real Estate, Inc., please visit www.morganpg.com or contact us by phone at 954-522-6010 to discuss your commercial real estate needs.