Morgan Property Group, LLC is pleased to announce the acquisition of two properties for the development of new freestanding 7-Eleven stores in Charlotte, North Carolina. One site is located at the northwest corner of N. Tryon Street & W. Craighead Road and the other at northwest corner of Freedom Drive & Thrift Road.
The N. Tryon Street site was acquired by MPG, through its affiliate SDC X Tryon, LLC from Dream Properties Co. 7-Eleven has signed a 15-year ground lease for a 2,490sq.ft. convenience store with eight pumping stations.
The Freedom Drive site was acquired by MPG, through its affiliate SDC IX Freedom, LLC, from E.C. Griffith Company. This 08.49 acre parcel was purchased for $645,000. MPG will develop a 2,630 sq.ft. convenience store that will feature a “home plate design” and four pumping stations, due to the unique configuration of the site.
Final building plans are being reviewed by the City of Charlotte, and construction on both stores is expected to commence in 2Q 2014. Both stores are scheduled to open in late 4Q 2014.
“We are excited to be a part of 7-Eleven’s growth strategy in North Carolina,” said Trey Morgan, President of MPG. “We are particularly pleased to be bringing new construction and a sought after national retailer to corridors identified by the City as redevelopment targets.”
7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Based in Dallas, Texas, 7-Eleven operates franchises or licenses more than 10,200 7-Eleven® stores in North America. Globally, there are some 51,000 7-Eleven stores in 16 countries. During 2012, 7-Eleven stores worldwide generated total sales close to $84.8 billion. 7-Eleven has been honored by a number of companies and organizations recently. Accolades include: #2 on Forbes magazine’s 2011 list of Top Franchises for the Money and #3 spot on Entrepreneur magazine’s Franchise 500 list for 2012. Find out more online at www.7-Eleven.com.
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.