Morgan Real Estate Facilitates Sale of Walgreens in Nashville, TN

Contact Information:
Name: Trey Morgan, Executive Vice President
Company: Morgan Property Group, LLC
Phone: (704) 909-4500
Email: tmorgan@morganpg.com

August 2008 — Morgan Real Estate, Inc. (“MRE”), a Florida based real estate broker and a market leader in the sale of triple net leased, credit tenant properties, is pleased to announce the sale of a new Walgreens drugstore in Nashville, Tennessee. The freestanding store with a pharmacy drive-thru is located at the southwest corner of Thompson Lane and Murfreesboro Road. The sale price was $6,162,000.

MRE represented the Seller, Murfreesboro Road Realty, G.P., and Zuckerman and Bryant D. Keefe represented the buyer, Keefe Living Trust. The Walgreens drugstore opened in August 2007, and was a relocation for Walgreens from an in-line location they had across the street.

“We were able to achieve a quality cap rate for our investors,” said George A. Morgan, Jr., President of MRE. “In uncertain financial times, the stability and predictability of triple net leased product still remains a solid investment.”

For over thirty years, Morgan Real Estate, an affiliate of Morgan Property Group, has been a licensed real estate broker in Florida. Its headquarters is in Fort Lauderdale, 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 their 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.