Pharma Property Group Closes a 16.5 Year Lease Walgreens in Midland, TX for $7,835,651
“The property owner signed an exclusive listing agreement with PPG to sell their Walgreens property in Midland, TX, which had approximately 17 years remaining on an absolute net lease when our marketing process began. We were contacted by an outside broker that had a 1031 client specifically looking for a drugstore with a longer lease term and an absolute net lease structure with zero landlord responsibilities. We were able to work with the outside broker and cooperate in getting this deal done for their client. This transaction displays our company’s willingness to work with brokers outside our firm to achieve our sellers maximum exposure to their listings day one of our marketing process. We pride ourselves on building relationships with outside brokers as they are a large source of capital for our sellers,” explained Jason Pongsrikul, Managing Principal of 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