Pharma Property Executes Sale of Bay Area Walgreens

Pharma Property Group (PPG) is pleased to announce that the firm successfully arranged the sale of a double net leased (NN) Bay Area Walgreens property. Both buyer and seller were based in California demonstrating the firm’s ability to leverage their vast network of west coast based investors and strong broker relationships. This transaction represents the lowest CAP rate for a double-net Walgreens in California over the past year.

In the sale of this Walgreens asset, Pharma Property Group’s Partner Chris Barry represented the seller. The buyer, a private 1031 buyer based in Southern California, was represented by a local California based broker who had successfully completed a previous transaction with the PPG team, allowing for a seamless process from start to finish.

Walgreens had about eight years of term remaining on the lease with five five-year options to renew. The offering garnered significant interest with below market rents in the highly desirable Bay Area. “In today’s market we are finding that buyers are willing to pay a premium for sites with sustainable rents and strong real estate fundamentals” stated Chris Barry.

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Pharma Property Group (PPG) is a premier commercial real estate firm specializing exclusively in properties leased to national drugstore chains including Walgreens, CVS, and Rite Aid. With a proven track record of success, evidenced by over $2.5 billion in closed transactions and over $5 billion in drugstores underwritten, PPG offers landlords unparalleled market intelligence and access to the industry’s most extensive network of drugstore property owners. Our unique and comprehensive marketing platform ensures access to the largest pool of drugstore buyers and sellers in the nation.

Jason Pongsrikul, Managing Principal

Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
www.pharmapropertygroup.com
Office: (858) 860-6591