Pharma Property Group Closes 20-Year NNN CVS At Asking
We are pleased to announce that Pharma Property Group has closed a 20 year newly extended CVS property in Lionville, PA. “We assisted the seller in extending this lease out with CVS to a firm 20-year term. CVS had already paid off the existing debt by prepaying the rent directly to the lender. The zero cash flow structure and the prepaid rent added a layer of complexity that our firm was able to work through in negotiating a new lease,” said Nick Price, Senior Vice President at PPG.
PPG generated 23 offers during the marketing process. “At PPG we work tirelessly to ensure we reach every buyer and broker in the market that could have interest in any of our listings,” said Nick Price.
Pharma Property Group has closed 6 CVS deals in the last 7 months by reworking the existing lease with CVS and selling the property free and clear of debt. Many of these extensions were leases with a prior structure of zero cash flow. PPG’s experience in zero cash flow drugstore transactions, specifically with CVS assets, facilitates their clients’ ability to execute transactions in the most efficient way and maximize sale proceeds.
Pharma Property Group (PPG) has over $1 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.
Jason Pongsrikul, Managing Principal
Nick Price, Senior Vice President
Pharma Property Group
5322 Banks Street
San Diego, CA 92110
Office: (619) 297-0055