Morgan Property Group is pleased to announce its recent acquisition of 18+/- acres of vacant land from United Dominion Realty Trust, Inc. in Hanover County, Virginia. The property, located along Mechanicsville Turnpike, sits between two traffic lights at Lee Davis Road and Brandy Creek Drive and is adjacent to Hanover Village. MPG plans to develop a shopping center anchored by Publix Supermarket, Inc. out of Lakeland, Florida.
Publix will occupy approximately 50,000 square feet in the project, and there will be an additional 13,000 square feet of strip retail available for lease. An outparcel that fronts Mechanicsville Turnpike will be developed in conjunction with the shopping center.
This will be the thirty-first retail project developed by MPG in the Commonwealth of Virginia through its affiliates since 2004. In Hanover County, MPG previously developed a freestanding Walgreens at the corner of Mechanicsville Turnpike and Lee Davis Road, and a retail shopping center at the corner of Chamberlayne Road and Atlee Road anchored by Walgreens, AutoZone, and Connects Federal Credit Union. Overall, this will be the eleventh retail project MPG has developed in the greater Richmond area.
“We couldn’t be more proud to bring the first Publix Supermarket to Hanover County,” said Trey Morgan, President of MPG. “As usual, it has been a pleasure working with the County planning staff on this exciting project. We also look forward to working with Regency Centers, our new neighbor, in continuing the fine retail tradition they have built at this intersection with Hanover Village. Leasing for the center is off to a promising start, and we are confident we will deliver a top quality project for the citizens of Hanover County to enjoy.“
Zach Means of Divaris Real Estate, Inc. represented the buyer in this transaction, and Tred Spratley of Sigma National, Inc. represented the seller. Mr. Means continues to assist MPG with the leasing of the project.
Construction is expected to start on the project late summer this year, with an opening in the Fall of 2018.
For over thirty-nine years, Morgan Property Group has been in the commercial real estate development and brokerage business. MPG focuses on neighborhood shopping centers, multi-tenant buildings, and single-tenant projects anchored by a variety of national and regional retailers. The company and its affiliates are developing multiple retail, mixed use, and urgent care medical projects throughout the Mid-Atlantic and Southeast. To find out more, follow Morgan Property Group on Facebook and Twitter @MPG_Development or visit our website at www.morganpg.com.