MetroGroup | Current News

MetroGroup Development has been selected by CVS/pharmacy as preferred developer for Florida's panhandle region. The development group has been CVS' preferred developer for Georgia for more than 10 years and has completed 81 CVS/pharmacy locations, with four more in development, during its tenure.

First Store in Flordia Panhandle Under Construction; Eight Completed in 2009

ATLANTA — CVS/pharmacy tapped MetroGroup Development, LLC as the preferred developer for Florida’s panhandle region, expanding the real estate company’s development footprint. As CVS’ preferred developer for Georgia for more than a decade, the firm has completed 81 CVS stores with four more currently under construction. The regional real estate company currently has retail and mixed-use developments in Alabama, Florida and Georgia.

“Despite current economic conditions, there are still residential communities and retail submarkets without adequate pharmacy amenities,” explains Mark Gottlieb, partner, MetroGroup Development. “It is our job to identify these markets, select the ideal site, conduct proficient due diligence and develop a quality CVS store. It is this programmatic approach that has delivered value for CVS and its customers for more than a decade.”

Currently, four, free-standing CVS/pharmacy stores are under construction in the following Georgia and Florida markets:

Two additional stores are expected to be under construction in Georgia by the end of second
quarter.

MetroGroup completed nine CVS/pharmacy stores since early 2009 in the following Georgia markets:

Atlanta (Peachtree Street/Maple Street)
Ellijay (Highway 515)
Cartersville (two locations: Highway 113/Douthit Ferry Road and Highway 41/Collins Pointe)
Lafayette (Hendrix Street/Main Street)
Rome (Martha Berry Highway/Redmond Road)
Sandy Springs (two locations: Roswell Road/Dalrymple Road and Northside Drive/Powers Ferry Road)
Tallapoosa (US Highway 78/Spring Street)

“In addition to our work as a preferred CVS developer, our team is also seeking redevelopment acquisition opportunities throughout the Southeast as well as urban infill sites in Atlanta primed for well-positioned, retail or mixed-use development,” concludes Gottlieb.

Published in the January 16-22, 2009 print edition of Atlanta Business Chronicle.

ATLANTA — CVS/pharmacy is taking the space that once housed EatZi's in Buckhead. CVS/pharmacy will take 16,512 square feet in Buckhead Pavilion on Peachtree Road. EatZi's exited the Atlanta market in November 2006.

The CVS/pharmacy is expected to open in the spring, said Jackie Wammock, who represented Coro Realty Advisors LLC, which owns Buckhead Pavillion LLC. Mark Gottlieb, partner at MetroGroup Development II LLC, represented CVS/pharmacy.

MetroGroup Development, the preferred developer for Woonsocket, RI-based CVS Caremark Corp (NYSE: CVS) in metro Atlanta, has nine other drugstores in development for 2009 and 2010.

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:

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:

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.

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.

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.

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.