Pharma Property Group Closes a Walgreens Through a CMBS Debt Assumption Transaction for $5,900,000
“Pharma Property Group had this property exclusively listed and the buyer that purchased the store assumed the existing mortgage. The property had in place CMBS financing with a large defeasance penalty and it made sense for both parties to do the transaction as a debt assumption. This transaction shows our ability to consummate drugstore transactions with in place financing and more particularly navigate the process of CMBS debt assumptions,” 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