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July 2010
Shopping Center Business
METROGROUP AWARDED NEW CVS REAL ESTATE TERRIROTY
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.
April 30, 2010
METROGROUP AWARDED NEW CVS
REAL ESTATE TERRITORY
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:
- Dalton, GA
- Newnan, GA
- Leesburg, GA
- Tallahassee, FL
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.
September 4, 2009
METROGROUP RANKS 5th IN ATLANTA RETAIL DEVELOPMENT
Atlanta
Business Chronicle
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 4 issue.
January 19, 2009
REPLACING EATZI'S
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.
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:
- Atlanta (2 stores)
- Braselton
- Canton
- Cartersville
- College Park
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- Ellijay
- Fairburn
- LaFayette
- LaGrange
- Newnan
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- Sandy Springs (3 stores)
- Sharpsburg
- Tallapoosa
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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.
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