MRE’s parent company and development entity, Morgan Property Group, acquired both properties in 2006 and oversaw all construction and development activities. Each store, which opened for business in Fall 2008, offers drive-through pharmacy services and in-store Café W coffee and baked goods.

“Walgreens has been very pleased with the initial performance of these drugstores, and we believe they will grow into top sales performers,” said George Morgan, Jr., President of Morgan Property Group and MRE.

George Morgan, Jr. and Greg Woulfe of MRE represented the selling entities and Rickenback Associates, Inc. represented the purchaser, 250PAS Associates, in both transactions. The Fort Pierce drugstore sold at a purchase price of $5,052,857, and the Tamarac drugstore was sold at $7,028,571. Both sales were at a 7.0% capitalization rate.

Walgreens Co., based in Deerfield, Illinois, is the nation’s largest drugstore chain with fiscal 2009 sales of $63 billion. The company operates 7,149 drugstores in all 50 states, the District of Columbia and Puerto Rico. Walgreens provides the most convenient access to consumer goods and services and cost-effective pharmacy, health and wellness services in America through its retail drugstores, Walgreens Health Services division and Walgreens Health and Wellness division.

For over thirty-three years, Morgan Real Estate has been a licensed real estate broker in Florida. Its headquarters is located in Fort Lauderdale, with a branch office in Charlotte, NC. The company focuses on investment brokerage, 1031 exchanges, leasing, and property management. Morgan Property Group, MRE’s parent company, is a developer of triple net, credit tenant leased properties throughout the Southeast, from Maryland to Florida.

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.