This will be MPG’s second Cookout development and first Taco Bell development in the Southeast.
Scenic Highway Realty, LLC, an affiliate of MPG, acquired 1.742 acres at this intersection on December 11, 2015 from Branch Banking and Trust Company. The project will include a 2,852 sq.ft. building with drive-thru for Cookout and a 2,132 sq.ft. building with drive-thru for Taco Bell. Commercial Property Professionals and Triad Commercial Properties represented the Seller, and General Realty Partners, Inc. represented the Purchaser in this transaction. Construction will commence First Quarter 2016.
“This development is the classic reimagining of a corner to create new and vibrant development,” said Trey Morgan, President of MPG. “We wish both retailers much success, and are excited to be part of their expansion.”
Cook Out is a privately owned fast food restaurant chain in Georgia, Kentucky, North Carolina, South Carolina, Tennessee, Virginia and Maryland. Founded in Greensboro, N.C., the chain has since expanded and now has drive-thru restaurants in over one hundred cities. Cook Out was created by Morris Reaves. He is currently the owner of the company, with his son Jeremy Reaves serving as CEO. As of October 2014 there are 150 locations. The restaurant specializes in grilled hamburgers and hotdogs, chicken sandwiches, North Carolina barbecue, and milkshakes.
Taco Bell Corp., a subsidiary of Yum! Brands, Inc., (NYSE: YUM), is the nation’s leading Mexican-inspired quick service restaurant. Taco Bell serves made to order and customizable tacos, burritos, and specialties such as the exclusive Doritos® Locos Tacos, gourmet-inspired Cantina Power® Menu, and lower calorie Fresco options. Taco Bell and its more than 350 franchise organizations have nearly 6,000 restaurants across the United States that proudly serve more than 40 million customers every week. For more information, visit www.tacobell.com
For over thirty-eight years, Morgan Property Group has been in the commercial real estate development and brokerage business. MPG focuses on neighborhood shopping centers, multi-tenant buildings, and single-tenant projects anchored by a variety of national and regional retailers. The company and its affiliates are developing multiple retail, mixed use, and urgent care medical projects throughout the Mid-Atlantic and Southeast. To find out more, follow Morgan Property Group on Facebook and Twitter @MPG_Development or visit our website at www.morganpg.com
