Pharma Property Group Announces Sale of Dark Walgreens Property in Portland Oregon

 

 

Pharma Property Group announced the sale of a Walgreens in Portland, Oregon which was subleased to a Supermarket Food Depot. Walgreens is still guaranteeing the rental income over the next five years for a total income stream of $2,524,995.

 

“The strong underlying real estate generated significant activity and our team was able to produce several full price offers from numerous owner/user and developer clients. The property was located adjacent to Clackamas Town Center, a 1.4Million Square Foot shopping mall. Pharma Property Group is currently working with a number of buyers for vacant drugstore assets that will either retenant the site or hold for the income stream and redevelop the site at the end of the Walgreens lease,” said Chris Barry, Senior Vice President at Pharma Property Group. 

 

“Through the store closures during the Walgreens purchase of Rite Aid and other recent drugstore closures of Walgreens and CVS, there are a number of owners that contact PPG to sell their vacated drugstores. These stores typically have under seven or eight years of guaranteed rental income before the option periods and may be sublet or dark. Through PPG’s specialization we are able to work through these types of drugstore transactions to maximize the seller’s exit value while locating higher yield buyers who have the ability and experience to redevelop or retenant the site,” said Chris Barry.

 

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Pharma Property Group (PPG) has over $2 Billion in closing transaction experience and specializes in providing commercial real estate services to landlords who own properties occupied by Walgreens, CVS and Rite Aid.  Pharma Property Group is one of the top brokerage firms in the country in drugstore property closing volume and has an unparalleled drugstore marketing platform providing access to the largest pool of drugstore landlords in the nation.

 

Chris Barry, Senior Vice President

Pharma Property Group

1979 Chicago Street 

San Diego, CA 92110

www.pharmapropertygroup.com

Office: (858) 860-6591