Morgan Property Group, LLC (“MPG”) just announced a new retail shopping center development on Cherry Rd.
MPG, through its affiliate College Corners Realty, LLC, assembled and acquired 1.30+/- acres, from four different property owners, at this intersection for a combined purchase price of $1,490,000. MPG plans to demolish the existing structures on site and redevelop the property for a 9,180 sq.ft. retail shopping center with outdoor seating and drive-thru. Construction is expected to start later this summer and be complete by the Spring of 2017.
Pet Supermarket, Inc. will lease 7,200 sq.ft. of space at the center, and Starbucks Corporation will occupy 1,980 sq. ft. of space at the center. Both tenants have signed long term leases. The center will be referred to as “College Corners” and will be 100% occupied upon completion. Margot Bizon of Katz and Associates represented Pet Supermarket in this transaction, and Nick Lukens of Moseley Real Estate Advisors, Inc. facilitated the lease with Starbucks. MPG has selected Park Sterling Bank to finance the project.
“We feel this transaction shows the best of what our company is capable of in terms of redevelopment and urban infill,” said Trey Morgan, President of MPG. “It has been a pleasure to work with the sellers, city staff and concerned citizens of Rock Hill on this project. We are truly excited for Pet Supermarket and for Starbucks, and wish them nothing but success at College Corners.”
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