Morgan Property Group to Develop Eleventh Walgreens in the Commonwealth of Virginia

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

[COLONIAL HEIGHTS, Virginia] - March 2008 - Morgan Property Group ("MPG"), through its local affiliate, Boulevard I Realty, LLC, is pleased to announce the development of a new retail center at the southwest corner of US1 ("Boulevard") and Bruce Avenue in Colonial Heights, Virginia. The project will be anchored by a new freestanding Walgreens drugstore, the second such store in Colonial Heights. Overall, this will be the eleventh Walgreens location developed in the Commonwealth of Virginia by MPG.

In late February 2008, Morgan Property Group acquired 2.712 acres of property from five different sellers. MPG was represented in this acquisition by Whittle & Roper and Jones Realty & Construction Corporation. The Walgreens drugstore will contain 14, 820 square feet and will feature a single-lane drive thru. The drugstore's anticipated opening is January 2009.

The remainder of the project can accommodate up to 3,600 sq.ft. of retail or office space and is available for ground lease or "build to suit". The site will also feature cross-access with the neighboring Wawa service station, which will allow for convenient access at two traffic signals on Boulevard.

"We are fortunate to have been able to assemble this site along the Boulevard for Walgreens," said Trey Morgan, Vice-President of MPG. "This redevelopment opportunity provides the perfect infill location for any retailer looking to start-up or expand in Colonial Heights."

For over thirty years, Morgan Property Group has been in the commercial development business with its headquarters based in Fort Lauderdale, Florida. Morgan Property Group 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. Morgan, along with its affiliates, has several active development projects in Florida, Virginia, Maryland, Washington, D.C., and the Carolinas. The company has offices in Fort Lauderdale, FL, Charlotte, NC, and Arlington, Virginia.

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, 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.