Pharma Property Group Close $25,000,000 in 1Q2016
Pharma Property Group to Close $25,000,000 of Pre-built Built-to-Suit Product First Quarter of 2016
Pharma Property Group (PPG) has placed $25,000,000 in built-to-suit retail pharmacy buildings under contract which are set to close during first quarter 2016. Pharma Property Group represents the purchaser, a 1031 private investor, and sourced the investment opportunities directly from a national retail developer.
āWith CAP rates at historical lows, we are seeing the majority of primary market single tenant retail investment grade product being sold to opportunistic 1031 trade investors who are capitalizing on exiting long term investmentsā says Jason Stuart Pongsrikul, Managing Director of Pharma Property Group.
Nicholas Price, Vice President at Pharma Property Group, added āOur client was in need of a particular pharmacy tenant in a very specific geographic location and we were able to facilitate his need with a relationship we had with a retail pharmacy built-to-suit developer. Our client was able to go non-refundable with a six figure deposit after fourteen days of due diligence and we plan to close on the buildings once they are completed and rent commences during first quarter of 2016.ā
āThis transaction was truly a win-win as our client was able to lock in his 1031 replacement properties early in his exchange process, while the developer now has a planned take out investor immediately upon completion of the project.ā Pongsrikul said.
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Pharma Property Group is a specialized national commercial real estate brokerage firm providing investment services for drugstore landlords who own Walgreens, CVS and Rite Aid properties throughout the nation.
Pharma Property Group
5328 Banks Street Suite B
San Diego, CA 92110
Office: (619) 297-0055
