Mid-Atlantic Announces Land Acquisition for Walgreens

Contact Information:
Media Contact: Trey Morgan
(954) 563-8600
Email: tmorgan@flaprop.com

Mid-Atlantic Announces Land Acquisition for Walgreens

Drugstore to Open on Site in Early 2005

RICHMOND - (July 2004) – West Hundred Road Realty, LLC, managed by Mid-Atlantic Commercial Properties, is pleased to announce that it has completed the acquisition of approximately 1.72 acres at the northeast corner of West Hundred Road and Centre Street in the Village of Chester, Chesterfield County. The property was assembled from two local property owners and the United States Post Office and will be developed to include a 14,820 square foot Walgreens drugstore with drive-thru pharmacy. Kimberly Bisger and Charles Warner in the Richmond office of Advantis Real Estate Services Company, a partner in GVA Worldwide (Advantis/GVA), represented West Hundred Road Realty in the purchase.

The new Walgreens store is expected to open in early first quarter 2005. This is the second Walgreens location developed in the greater Richmond area by Mid-Atlantic Commercial Properties. As part of the site development, Mid-Atlantic will dedicate a landscape feature with the building cornerstone commemorating the establishment of the Post Office in 1965 under President Lyndon Johnson.

"Walgreens will be a perfect anchor tenant for the Chester Village commercial corridor," said Trey Morgan, President of Mid-Atlantic Commercial Properties. "This property will be a visible and convenient retail destination on highly-traveled West Hundred Road."

Mid-Atlantic Commercial Properties is affiliated with Morgan Real Estate, Inc., a licensed real estate broker, property manager, and commercial developer based in Fort Lauderdale, Florida, and is a preferred developer of the Walgreen Co.

Walgreen Co., based in Deerfield, Illinois, is the nation's largest drugstore chain with fiscal 2003 sales of $32.5 billion. As of June 30, 2004, the company operated 4,442 drugstores in 44 states and Puerto Rico, versus 4,077 a year ago, and plans to open more than 400 net new stores per year for the next five years.