Morgan Property Group, LLC is pleased to announce the acquisition of land at the southwest corner of N. Cherry Road & Charlotte Avenue in Rock Hill, South Carolina for the development of a new retail shopping center.
MPG, through its affiliate College Corners Realty, LLC, assembled and acquired 1.30+/- acres, from four different property owners, at this intersection on June 13, 2016 for a combined purchase price of $1,490,000. MPG plans to demolish the existing structures on site and redevelop the property for a 9,180 sq.ft. retail shopping center with outdoor seating and drive-thru. Construction is expected to commence in the Summer of 2016 and be complete by the Spring of 2017.
Pet Supermarket, Inc. will lease 7,200 sq.ft. of space at the center, and Starbucks Corporation will occupy 1,980 sq. ft. Both tenants have signed long term leases. The center will be referred to as “College Corners” and will be 100% occupied upon completion. Margot Bizon of Katz and Associates represented Pet Supermarket in this transaction, and Nick Lukens of Moseley Real Estate Advisors, Inc. facilitated the lease with Starbucks. MPG has selected Park Sterling Bank to finance the project.
“We feel this transaction shows the best of what our company is capable of in terms of redevelopment and urban infill,” said Trey Morgan, President of MPG. “It has been a pleasure to work with the sellers, city staff and concerned citizens of Rock Hill on this project. We are truly excited for Pet Supermarket and for Starbucks, and wish them nothing but success at College Corners.”
Headquartered in Sunrise, FL, Pet Supermarket (www.petsupermarket.com) is the largest specialty retailer of pet food and pet-related supplies based in the southeastern US. Founded in 1973 by Chuck West as Pet Circus, the family-owned company became Pet Supermarket in 1986. The Company operates over 150 stores in Florida, as well as stores in Georgia, Alabama, North Carolina, South Carolina, Tennessee, Texas, Kentucky, California and Nevada. Over 1 million customers are active members of the Company’s loyalty program.
Since 1971, Starbucks Coffee Company (NASDAQ: SBUX) has been committed to ethically sourcing and roasting high-quality arabica coffee. Today, with more than 22,000 stores in 67 countries, Starbucks is the premier roaster and retailer of specialty coffee in the world. Through their unwavering commitment to excellence and their guiding principles, they bring the unique Starbucks Experience to life for every customer through every cup. To share in the experience, please visit Starbucks stores or online at Starbucks.com and news.starbucks.com.
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.