Pharma Property Group Closes $30,000,000 Exchange for Private Investor
“PPG recently closed several net leased properties for a private investor’s 1031 exchange where the main focus was purchasing triple net leases with five years to ten years of primary lease term at higher returns. We focused on strong performing locations that had reasonable rent levels compared to the local market and/or locations that had a history of prior lease renewals to hedge any downside risk at the options,” stated Jason Pongsrikul, Managing Principal of Pharma Property Group.
“The investor needed 65% LTV and with the interest rate volatility during the summer of 2022, this assignment was not an easy task. We were able to lock our buyer’s interest rates for 60 to 90 days depending on the lender and our team coordinated with multiple vendors to ensure that our client’s 3rd party reports were received in time and reviewed by the lender to close within the rate lock period. This truly was a PPG team effort and I couldn’t be more proud of our team’s execution to get each of these deals across the finish line as promised in such a fluid market,” said Mr. Pongsrikul.
Pharma Property Group (PPG) has over $1.5 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
Pharma Property Group
1979 Chicago Street
San Diego, CA 92110
Office: (858) 860-6591