Pharma Property Group Closes a 15 Year CVS in Houston to Facilitate A Reverse 1031 Exchange
Pharma Property Group sold an exclusively listed CVS in Houston, Texas. This CVS is an absolute net and was delivered free and clear of debt located.
“The property owner signed an exclusive listing agreement with PPG to sell their CVS property in Houston which has 15 years of lease term remaining. The owner contacted our firm with an upleg property already under contract and needed to close within a tight window in order to use this CVS as the down leg for the transaction in a reverse 1031 trade. We were able to identify a buyer and close in the allotted period to satisfy the requirements of the exchange,” explained Chris Barry, Associate for Pharma Property Group.
Based in San Diego, California, Pharma Property Group (www.pharmapropertygroup.com) was founded in 2012 by Jason Stuart Pongsrikul who has closed over $1 Billion in net leased commercial properties throughout the country during the last decade. Mr. Pongsrikul was a top 30 agent out of 1,300 agents for one of the top commercial real estate investment firms in the nation and in 2012 recognized the need for further broker specialization in the drugstore property sector.
Mr. Pongsrikul formed Pharma Property Group (PPG) to specialize exclusively in providing commercial real estate services to landlords who own properties occupied by Walgreens, CVS and Rite Aid. Pharma Property Group is now 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.
Pharma Property Group
5328 Banks Street Suite B
San Diego, CA 92110
Office: (619) 297-0055