MPG Announces Sale of Walgreens in Greater Richmond Area

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Morgan Property Group, LLC is pleased to announce the sale of a recently developed freestanding Walgreens drugstore at the intersection of Mechanicsville Turnpike (Rt. 360) and Lee Davis Road in Mechanicsville, Virginia, a suburb of Richmond.

MPG, through its affiliate Mechanicsville Tpk Realty, LLC, assembled 1.626 acres at this intersection in October 2010 for a price of $3,550,000.  The Property was leased to Walgreen Co., and the retailer opened its doors in August 2011.  On July 24, 2014, the property was sold to Pinak A. Mehta, LLC and Nikki P. Mehta, LLC for $10,500,000.  Dean Zang of Marcus & Millichap represented the Seller and Craige Pelouze of CB Richard Ellis of Virginia, Inc. represented the Buyers.

“We strongly believed in this site when we presented it to Walgreens over four years ago, and are pleased that this location continues to be a great performer for them,” said Trey Morgan, President of MPG.

For over thirty-seven years, Morgan Property Group has been in the commercial real estate development and brokerage business. MPG focuses on neighborhood shopping center and single-tenant retail projects for repeat clients such as Walgreens, Publix, 7-Eleven, and McDonalds. The company and its affiliates are developing multiple retail, mixed use, and medical development 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.

As the nation’s largest drugstore chain with fiscal 2013 sales of $72 billion, Walgreens (www.walgreens.com) vision is to be the first choice in health and daily living for everyone in America, and beyond. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with online and mobile services. The company operates 8,215 drugstores in all 50 states, the District of Columbia, Puerto Rico and the U.S. Virgin Islands. Walgreens digital business includes Walgreens.com, drugstore.com, Beauty.com, SkinStore.com and VisionDirect.com. Take Care Health Systems is a Walgreens subsidiary that manages more than 400 in-store convenient care clinics throughout the country.