Morgan Property Group announced the sale of a future McDonald’s development at the intersection of East Market Street and Country Club Road in the City of Harrisonburg. This will be McDonald’s fifth location in the city.
MPG, through its affiliate Market Street Realty LLC, acquired 1.279 acres at this intersection in August 2012 for a price of $1,176,000. The property was leased to and occupied by First Bank & Trust at the time. Following the acquisition, MPG negotiated a termination of the First Bank & Trust lease and secured a new 20 year ground lease with McDonald’s Corporation (NYSE:MCD).
“This was an opportunistic acquisition for our company in 2012, and we could not be more pleased with the outcome,” said MPG’s President, Trey Morgan. “We think this will be a signature location for McDonalds in the Harrisonburg market and compliment their existing stores in the trade area.”
MPG sold the project to The Christopher Trust for a sales price of $2,000,000 on March 17, 2014. The Bolder Group represented the Buyer and Mid-Atlantic Real Estate Partners, Inc., represented Market Street Realty, LLC. McDonalds is expected to open in the second quarter of 2014.
McDonald’s (www.mcdonalds.com) is the world’s leading global foodservice retailer with over 35,000 locations serving approximately 70 million customers in over 100 countries each day. More than 80% of McDonald’s restaurants worldwide are owned and operated by independent local business men and women.
For over 37 years, Morgan Property Group (www.morganpg.com) 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 Facebookand Twitter @MPG_Development or visit its website at www.morganpg.com.