Industries Commercial Real Estate

MPG announces a new Walgreens project

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Richmond-based Morgan Property Group (MPG) LLC has acquired land for the development of a new Walgreens drugstore at the northwest corner of Broad Street and Pouncey Tract Road in Henrico County.  According to MPG, this represents the 19th Walgreens project it has developed in Virginia and the eleventh in metro Richmond.

In the most recent deal, MPG assembled 1.6 acres from two parties, Breez-In Associates LC and the John J. and Ima M. Liesfeld Family LLC, for a price of $4 million.  Mid-Atlantic Real Estate Partners and Jones Realty and Construction represented MPG in the transaction.  MPG plans to build a 12,144-square-foot Walgreens that will include a drive-thru pharmacy. Demolition of existing structures on the site is scheduled to begin this month.

“Walgreens has been looking for a location on Broad Street in the Short Pump area for a long time,” Trey Morgan, president of MPG, said in a statement.  The new store will be located just east of Short Pump Town Center mall, joining other national retail chains on West Broad Street.

 


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