Morgan Property Group, LLC is pleased to announce the acquisition of land within the Berewick Town Center for the development of a freestanding Walgreens drugstore at the southwest corner of Steele Creek Road and Dixie River Road in Charlotte, North Carolina. This will be the fourth Walgreens project developed by MPG in the greater Charlotte region.
MPG, through its affiliate Dixie River Road Realty, LLC, acquired 1.95 acres at this intersection on September 25, 2014 for a purchase price of $1,750,000 from Pappas Properties. Walgreen Co. has executed a build-to-suit lease agreement with Dixie River Road Realty, LLC for a 14,820 sq.ft. drugstore featuring a single lane drive-thru.
MPG will develop this drugstore as an outparcel to the Berewick Town Center. The Town Center will include restaurants, a hotel, and shops, as well as a 53,000-square-foot Harris Teeter. The groundbreaking ceremony for the $60 million initial phase of the Town Center took place on November 6th. Phase II will include medical, office, residential, and retail spaces. Construction on the Walgreens is expected to commence December 2014 with an anticipated opening late Summer 2015.
It has been a pleasure working with Peter Pappas and the Berewick team to incorporate Walgreens into this master planned community, said Trey Morgan, President of MPG. We believe the residents of Berewick will greatly appreciate the retail offerings of our client, and they should particularly enjoy the enhanced emphasis Walgreens is placing on customer service and accessibility to pharmacists advice and consultation.
For over thirty-seven 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 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 2014 sales of $76 billion, Walgreens (www.walgreens.com) vision is to be America’s most loved pharmacy-led health, wellbeing and beauty enterprise. Each day, in communities across America, more than 8 million customers interact with Walgreens using the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with online and mobile services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8,218 drugstores with a presence 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. Walgreens also manages more than 400 Healthcare Clinic and provider practice locations around the country.