Morgan Real Estate Facilitates Sale of Two New NNN Walgreens in Virginia

Contact Information:
Name: Trey Morgan
Company: Morgan Real Estate
Phone: (954) 522-6010
Fax: (954) 522-6003
Email: tmorgan@morganpg.com

[LOUISA, VA] — March 2008 — Morgan Real Estate, Inc. (“MRE”), a Florida based real estate broker and a market leader in the sale of triple net retail properties, is pleased to announce the sale of two (2) single-tenant Walgreens drugstores in Virginia. One drugstore is located in Louisa, Virginia, and sold for a 6.30% capitalization rate. The other, located in Lynchburg, VA, also sold for a 6.30% capitalization rate.

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For the property located at 1102 N. Main Street, Louisa, VA, Morgan Real Estate, Inc. represented the seller, Louisa Main Street Realty, LLC. Stan Johnson Company and Net Lease Capital Advisors represented the buyer, GAC Louisa VA, LLC. This Walgreens drugstore was developed on a 2.330 acre property, and opened in the Fall of 2007.

Morgan Real Estate represented the seller, Boonsboro Road Realty, LLC, in the sale of 5006 Boonsboro Road, Lynchburg, VA. Stan Johnson Company and Net Lease Capital Advisors represented the buyer, GAC Lynchburg VA, LLC. This Walgreens drugstore was developed on a 1.439 acre property, and also opened in the in the Fall of 2007.

“Both transactions were successful 1031 exchanges for the buyers,” said George A. Morgan, Jr., President of MRE. “We were able to meet their deadline requirements, as well as provide them with a national credit tenant, each of which is located on prime corner locations.” The Walgreens in Louisa, VA is the first Walgreens to open in Louisa. The Walgreens in Lynchburg, VA is the third Walgreens to open in Lynchburg. Morgan Property Group, an affiliate of Morgan Real Estate, Inc, was the commercial real estate developer responsible for developing both drugstores.

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.

Walgreens Co., based in Deerfield, Illinois, is the nation’s largest drugstore chain with fiscal 2007 sales of $53.8 billion. The company operates 6,237 stores in 49 states and Puerto Rico. Walgreens is expanding its patient-first health care services beyond traditional pharmacy through Walgreens Health Services and Take Care Health Systems, a wholly owned subsidiary that manages 146 convenient care clinics at Walgreens drugstores.

For more information on this transaction or 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.