Pharma Property Group Arranges Sale of North Carolina CVS with Rent Holiday
Pharma Property Group (PPG), one of the nation’s leading advisors in drugstore real estate transactions, is pleased to announce the successful sale of a CVS property located in Concord, North Carolina.
The asset featured an absolute NNN lease structure with just under 10 years of firm lease term remaining, along with a three-year rent holiday at the end of the initial term. Pharma Property Group partner Chris Barry represented the seller, a private North Carolina-based investor. The buyer was represented by an outside in-house broker.
“While the rent holiday structure does make these assets more challenging to move, we find that properties with strong underlying real estate in favorable markets such as North Carolina remain highly liquid,” stated Christopher Barry, Partner at Pharma Property Group. “We received several offers within the first few weeks of marketing and ultimately closed with an experienced 1031 exchange investor.”
Pharma Property Group continues to be one of the most active firms in the country specializing exclusively in CVS and Walgreens transactions nationwide, having advised on more than $3 billion in drugstore-specific transaction volume over the past decade.
___
Pharma Property Group (PPG) is a premier commercial real estate firm specializing exclusively in properties leased to national drugstore chains Walgreens and CVS. 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
Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
Office: (858) 860-6591
Chris Barry, Partner
Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
Cell: (818) 585-8006