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Current News Briefs
October 3, 2008
METROGROUP TO DEVELOP 18 MORE CVS/PHARMACY STORES
Nine Stores Already Delivered in 2008
ATLANTA — MetroGroup Development, LLC announced today the development of 18 CVS/pharmacy (NYSE: CVS) stores throughout Georgia. As a preferred developer for the retail chain, MetroGroup has two stores currently under construction and 16 more approved for completion between 2009 and 2010. Since 1995, the real estate company has developed almost 80 CVS/pharmacy stores throughout Georgia and Florida.
“Despite the decline in the residential market, there are still communities that lack pharmacy amenities,” explains Mark Gottlieb, partner, MetroGroup Development. “This is the key factor that is driving CVS’ continued expansion throughout Georgia. Now more than ever, it is essential that our team identifies sites that ensure customer convenience and long-term success for CVS and our investors.”
MetroGroup has two free-standing CVS/pharmacy stores currently under construction in the following Georgia markets:
- Macon (Hartley Station)
- Rome (Martha Berry Boulevard and North Rome Connector)
An additional 12 Georgia stores have already been completed in 2008: Alpharetta, Atlanta, Buford, Cumming (2), Dalton, Forsyth, Gainesville, McDonough, Smyrna, Sylvester and Tifton.
CVS/pharmacy continues to expand its Georgia footprint with 16 additional stores scheduled for completion in 2009 and 2010. MetroGroup will begin construction of these developments within the next two to 12 months in the following Georgia markets:
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September 5, 2008
METROGROUP RANKS 5th IN ATLANTA RETAIL DEVELOPMENT
Founding Partner Named Among Top Real Estate Executives
ATLANTA — With 513,000 square feet of retail developed in 2007-2008, MetroGroup Development ranks 5th in the retail category of the Atlanta Business Chronicle‘s annual “Atlanta‘s Top Commercial Developers” list, posted in the September 5 issue. Select other companies on the list include The Sembler Company, Faison Enterprises. Madison Retail LLC and Cousins Properties.
September 4, 2008
BERRY CROSSING BREAKS GROUND IN ROME, GA
MetroGroup Acquires Site from Berry College
ROME, GA — MetroGroup Development (www.metrogroupdevelopment.com) celebrated, along with Berry College, the groundbreaking for Berry Crossing, a neighborhood center set to bring much needed service amenities and popular eateries to this thriving community. The demolition of existing structures along Redmond Road officially marked the commencement of construction.
The Roswell, Ga.-based developer closed on the 5.8-acre site, situated at the southwest quadrant of North Rome Connector/Veterans Memorial Highway and Martha Berry Boulevard/US Highway 27 in August for an undisclosed amount. The sale represents the first commercial site sold by Berry College since Mt. Berry Square Mall. Construction is underway with Berry Crossing scheduled to be complete spring 2009.
“As a result of our cooperative partnership with Berry College, convenience retail and dining that is close to home will be a reality for Rome (Ga.) residents and students,” states Mark Gottlieb, partner, MetroGroup Development. “We pride ourselves on delivering quality shopping destinations that set the standard for future commercial growth. Berry Crossing will continue our 11-year tradition of quality development.”
The 37,000-square-foot development will feature CVS/pharmacy, Wachovia Bank and 19,500 square feet of small shop space. The shopping center is 50% pre-leased with national, regional and local tenants that are expected to bring shopping and dining alternatives close to home. The center’s upscale architecture features a blend of brick, aggregate stone and stucco to create an inviting, pedestrian-friendly environment. Wachovia Bank will be renovated to align with the new architectural specifications.
“Berry Crossing will set the stage for future development along the popular Martha Berry Corridor,” continues Gottlieb. With population figures that top 56,000 residents within a five-mile radius, the neighborhood center benefits from a captive retail audience of employees and students traveling to and from nearby facilities, such as Redmond Regional Medical Center, Berry College as well as Rome’s primary employers. Furthermore, Martha Berry Boulevard and North Rome Connector establish the ideal crossroads for neighborhood retail in Rome, Ga. While the Martha Berry Corridor is the major commercial artery for the region, North Rome Connector feeds residential communities throughout the area.
As a preferred developer of the national pharmacy chain, MetroGroup Development has completed 68 CVS/pharmacy stores throughout Georgia and Florida with another 10 stores planned in Georgia.
July 1, 2008
METROGROUP RANKS 10th in ATLANTA RETAIL DEVELOPMENT
Founding Partner Named Among Top Real Estate Executives
ATLANTA — With 360,000 square feet of retail developed in 2006-2007, MetroGroup Development ranks 10th in the retail category of the Atlanta Business Chronicle’s annual “Atlanta’s Top Commercial Developers” list, posted in the 2007-2008 Book of Lists. Select other companies on the list include The Sembler Company, Faison Enterprises, Madison Retail LLC and Cousins Properties.
Recently, MetroGroup’s Mark Gottlieb, founding partner, was named one of Atlanta’s key commercial real estate executives by the Atlanta Business Chronicle. Touted for his contributions to the City’s real estate marketplace, Gottlieb is joined by other key real estate leaders including Mike Cohn, Faison Enterprises; Jim Jacoby, Jacoby Development; and Ben Carter, Carter Properties.
February 28, 2008
METROGROUP ANNOUNCES BARNES MILL CROSSING
32,000 SF Neighborhood Center in West Cobb County
ATLANTA — MetroGroup Development plans to develop Barnes Mill Crossing, a neighborhood center set to include a CVS/pharmacy and other retail, service and dining establishments. The Roswell, Ga.-based developer closed on approximately seven acres, situated at the northeast corner of East-West Connector and Hicks Road in Smyrna, Ga., in December for an undisclosed amount. Barnes Mill Crossing is adjacent to Barnes Mill, a 200-acre, master-planned village community with plans for approximately 450 single-family homes. Site work and construction are currently underway.
"While growth in East Cobb County has slowed over the past decade, new residential havens continue to dot West Cobb County," explains Mark Gottlieb, partner, MetroGroup Development. "It is these new residents that are seeking convenience retail and eateries close to home. Most importantly, they want shopping environments that reflect their way of living and that's exactly what we are delivering with Barnes Mill Crossing."
The 32,000-square-foot development will feature CVS/pharmacy, a free standing bank, a restaurant and approximately 8,400 square feet of retail shop and office space, which will bring much needed service amenities and popular eateries to this thriving suburban marketplace. The pedestrian friendly environment will seamlessly integrate retail, dining and office in an effort to encourage foot traffic throughout the site.
"Explosive population growth continues to create demand for quality, convenience retail and dining environments," explains Gottlieb. Retail continues to follow rooftops in West Cobb County. With its population expected to exceed 185,000 by 2011, the five-mile trade area has realized a 30% growth rate from 1990 to 2006. Further, the 2006 estimated average household income for the same area tops $65,000, reflective of Cobb County's ranking as the second-highest in per capita income for the metro Atlanta marketplace.
The East-West Connector and Hicks Road establish the ideal crossroads for neighborhood retail in West Cobb County. While the East-West Connector is the major commercial artery for the region, Hicks Road feeds residential communities throughout the area.
Barnes Mill Crossing is scheduled to open Fall 2008. MetroGroup Development is a preferred developer of CVS/Pharmacy.
October 9, 2007
METROGROUP TO DEVELOP 17 MORE CVS/PHARMACY STORES
10 Stores Already Delivered in 2007
ATLANTA — MetroGroup Development, LLC announced today the development of 17 CVS/pharmacy (NYSE: CVS) stores throughout Georgia. As a preferred developer for the retail chain, MetroGroup has four stores currently under construction and 13 more approved for completion between 2008 and 2009. Since 1995, the developer has completed almost 75 CVS/pharmacy stores throughout Georgia and Florida.
"The continued consolidation of pharmacy chain operators has resulted in a fierce, competitive marketplace," confirms Mark Gottlieb, partner, MetroGroup Development. "It is even more imperative that we identify growth corridors where convenient goods and services are in demand. That's how CVS will maintain and build on its stronghold in the Atlanta market. That's the value we deliver as the company's preferred developer." MetroGroup has four free-standing CVS/pharmacy stores currently under construction in the following Georgia markets:
- Forsyth (Tift College Drive and Patrol Road)
- McDonough (Jonesboro Road and Chambers Road)
- Sylvester (US Highway 82 and Isabella Street)
- Atlanta (Northside Parkway and I-75 exit ramp; remodel and expansion)
An additional 10 stores have already been completed in 2007: Americus, Atlanta (Camp Creek Parkway and Campbellton Road), Cedartown, Cumming, Dallas, Flowery Branch, Newnan, Oakwood, Ringgold and Union City. CVS/pharmacy continues to expand it Georgia footprint with 13 additional stores scheduled for completion in 2008 and 2009. MetroGroup will begin construction of these developments within the next two to 12 months in the following Georgia markets:
- Atlanta (Butner Road and Campbellton Fairburn Road/State Route 92)
- Atlanta (Northside Drive and Powers Ferry Road)
- Braselton (State Route 211 and Thompson Mill)
- Canton (State Route 20 and River Green Avenue)
- College Park (West Fayetteville Road/State Route 314 and Norman Drive)
- Cumming (Post Road and Kelly Mill Road)
- Cumming (Ronald Reagan Parkway and State Route 141)
- Dalton (State Route 71 and Haig Mill Road)
- Gainesville (State Route 60 and Price Road)
- Macon (Hartley Bridge Road and Hartley Station Boulevard)
- Milton (State Route 9 and Bethany Road)
- Sharpsburg (State Route 34 and Fisher Road)
- Smyrna (East West Connector and Hicks Road)
March 5, 2007
METROGROUP ANNOUNCES OLD MILL CROSSING
CVS/pharmacy and Retail Shops Provide Shopping & Dining Alternatives County
ATLANTA — MetroGroup Development has begun development of Old Mill Crossing, a 16,000-square foot retail center set to include a CVS/Pharmacy, retail shops and restaurants. The Roswell, Ga.-based developer recently commenced construction on the three-acre site, situated at the northwest corner of Battlefield Parkway (State Route 2) and Old Mill Road. The development is expected to be completed by June 2007.
"We are pleased to be able to bring convenience retail and dining alternatives closer to home for Ringgold and Fort Oglethorpe (Ga.) residents," states Mark Gottlieb, partner, MetroGroup Development. "Old Mill Crossing will continue our tradition of quality developments."
The 16,000-square-foot development will feature a CVS/pharmacy and approximately 5,000 square feet of small shop space. The upscale architecture will feature a blend of brick, aggregate stone and stucco to create an inviting shopping environment.
"Old Mill Crossing is situated on Battlefield Parkway at the intersection of Old Mill, convenient to the recently-completed medical office development and other businesses in the area," explains Gottlieb. Though population figures top 53,000 residents within a five-mile radius, Old Mill Crossing benefits from a captive retail audience of employees and students traveling to and from nearby facilities, such as Hutcheson Medical Center, Erlanger South Family Medicine and the Catoosa County City Hall.
This is the third location for CVS/pharmacy in Catoosa County.