Pharma Property Group Closes a Walgreens in Austin, Texas Through Their National Drugstore Marketing Platform
We are pleased to announce that Pharma Property Group just closed a Walgreens through their national drugstore marketing platform. Below are some facts about the transaction:
- PPG generated multiple offers and achieved a 5.75 CAP sale price. One of the lowest CAP rates achieved for a double net Walgreens during 2020.
- The Walgreens operated on a double net lease with 13.5 years remaining.
- PPG cooperated with an outside broker representing a 1031 buyer.
- Pride of ownership. Rare Walgreens offering in the infill Austin market.
- Located near Lake Travis along FM 620 with high barriers to entry.
- Exceptional traffic counts of ±93,000 vehicles per day.
- Affluent household income of over $160,000 in a 5-mile radius.
Pharma Property Group (PPG) has over $1.3 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
5322 Banks Street
San Diego, CA 92110
Office: (858) 860-6591