VIRGINIA BEACH AND RICHMOND, VA. — Morgan Property Group LLC (MPG) has acquired two sites in Virginia for the development of two new freestanding 7-Eleven stores. One site is located at the southwest corner of General Booth Boulevard and Dam Neck Road in Virginia Beach. The other is located at the southeast corner of West Broad Street and Pemberton Road in Richmond. Once the two stores are developed, MPG will have developed seven 7-Eleven properties in Virginia in the past two years. MPG purchased the Virginia Beach location through its affiliate SDC VII General Booth LLC for approximately $1.1 million. The new property will feature a 3,010-square-foot convenience store and four pumping stations. Construction is expected to start later this year and wrap up in the second quarter of 2014. MPG purchased the Richmond site through its affiliate SDC VI Broad LLC for a little more than $1 million. Construction is expected to start in October and wrap up in the first quarter of 2014. MPG purchased the sites from Doswell Ventures LLC in both transactions.
