Pharma Property Executes Sale of Extended Florida CVS

Pharma Property Group (PPG) is pleased to announce that the firm successfully arranged the sale of a recently extended net-leased CVS located in Wildwood, Florida, adjacent to The Villages, one of the nation’s fastest-growing retirement communities.

Prior to the sale, the sellers extended their lease with CVS for an additional 10 years and completed capital improvements to the property, including a new roof and parking lot. With the lease extension in place, the sellers engaged Pharma Property Group to facilitate the disposition of the asset.

Within the first two weeks of the marketing process, Pharma Property Group’s brokers, Chris Barry and Dawson MacKay, generated multiple offers for the property. The buyer, a repeat drugstore investor through PPG, proposed an expedited closing, and the transaction was successfully completed within 90 days of the property being brought to market.

CVS has been operating at this site for 26 years and extended its lease for an additional 10 years. At lease expiration, CVS will be paying $12.67 per square foot in rent, which is under the local retail market rent. “The volume of offers received in the first two weeks and the rapid closing demonstrate that demand for net-leased drugstore assets remains strong, particularly when the tenant has a long operating history and is paying replaceable rent levels,” stated Dawson MacKay.

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 $3 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                          Dawson MacKay, Vice President

Pharma Property Group                                                Pharma Property Group

1979 Chicago Street                                                       1979 Chicago Street

San Diego, CA 92110                                                      San Diego, CA 92110

www.pharmapropertygroup.com                                www.pharmapropertygroup.com 

Office: (858) 860-6591                                                   Cell: (858) 537-0828