MPG announces sale of McDonald’s leased property in Harrisonburg.
McDonald’s is adding a fifth location in Harrisonburg in a deal that included a profitable land sale and a 20-year ground lease.
Morgan Property Group LLC (MPG) announced the sale for a future McDonald’s development at the intersection of E. Market Street and Country Club Road.
MPG, through its affiliate Market Street Realty LLC, acquired 1.2 acres at the intersection in August 2012 for a price of $1.1 million. At the time, the property was leased to and occupied by First Bank & Trust. Following the acquisition, MPG negotiated a termination of the bank's lease and secured a 20pyear ground lease with McDonald's Corp.
“This was an opportunistic acquisition for our company in 2012, and we could not be more pleased with the outcome,” MPG’s President Trey Morgan, said in a statement.
MPG sold the project to The Christopher Trust for a sales price of $2 million on March 17. The Bolder Group represented the buyer. Mid-Atlantic Real Estate Partners, Inc. represented Market Street Realty LLC. McDonald's is expected to open in the second quarter of 2014.
MPG, which has offices in Charlotte, N.C., and Fort Lauderdale, Fla., focuses on neighborhood shopping center and single-tenant retail projects for repeat clients such as Walgreens, Publix, 7-Eleven, and McDonald's. The company and its affiliates are developing multiple retail, mixed-use and medical development projects throughout the mid-Atlantic and Southeast.