Morgan Property Group, LLC is pleased to announce the sale of a Hess gas station property at the southeast corner of W. Broad Street & N. Belvidere Street in Richmond, Virginia.
This 0.61-acre property was owned by Hess Corporation, and was originally under contract with MPG’s affiliate, Belvidere Street Realty, LLC, for the planned development of a stand-alone retail building on the corner. Following substantial dialogue between MPG and Virginia Commonwealth University (“VCU”), MPG has facilitated the acquisition of the property by an affiliate of the VCU Real Estate Foundation and the transaction closed this past week. Cushman & Wakefield represented the Seller and Divaris Real Estate represented MPG.
“Through several months of discussions with VCU about Monroe Park Campus’ future development and the importance of this corner for both VCU as a campus gateway and as the entrée into the City’s Arts and Culture District, we became real believers in a grand vision for this corridor,” said Trey Morgan, President of MPG. “We are proud to have played a small role in the advancement of this vision, and on behalf of my partner, John Stamm, myself and the entire Morgan Property Group family, we are thankful for the opportunity to work with VCU.”
Virginia Commonwealth University is a major, urban public research university with national and international rankings in sponsored research. Located in downtown Richmond, VCU enrolls more than 31,000 students in 223 degree and certificate programs in the arts, sciences and humanities. Sixty-eight of the programs are unique in Virginia, many of them crossing the disciplines of VCU’s 13 schools and one college. MCV Hospitals and the health sciences schools of Virginia Commonwealth University comprise VCU Medical Center, one of the nation’s leading academic medical centers. For more, see www.vcu.edu.
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 national 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.