New Development by Morgan Property Group in Spotsylvania County, VA

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

[SPOTSYLVANIA COUNTY, VA] — October 2008 — Morgan Property Group, LLC (“MPG”), a leading commercial developer in the Southeast U.S., is pleased to announce that it has acquired approximately 3 acres of commercial land on the northwest corner of Courthouse Road and Rollingwood Drive in Spotsylvania County, Virginia. Johnson Realty Advisors represented MPG in this transaction.

Morgan Property Group plans to develop this property as a retail center, called the Shoppes of Rollingwood Drive. This center will be anchored by a 14,820 sqft., freestanding Walgreen’s drugstore, with a single lane drive-thru pharmacy. Construction is anticipated to begin in Summer 2009. The remainder of the property, approx. one acre, is actively being marketed for ground lease or build-to-suit opportunities.

“We are excited to develop this neighborhood retail center with a quality anchor like Walgreens,” said Trey Morgan, Executive Vice President of Morgan Property Group. “We hope this will be the first of many such developments in Fredericksburg.”

For over thirty years, Morgan Property Group has been in the commercial development business. Headquartered in Fort Lauderdale, Florida, MPG focuses on neighborhood shopping center and single-tenant retail projects anchored by repeat build to suit clients like Walgreens, Publix, Sheetz, McDonalds, and Starbucks. MPG, 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 and Charlotte, NC.

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, 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.