Pharma Property Group Closes Florida 15 Year Walgreens Portfolio in Under 21 Days
Pharma Property Group (PPG) has represented an all-cash buyer who closed on a portfolio of Walgreens properties in Florida in under 21 days. PPG facilitated the sale off market by placing one of their private 1031 buyers into these primary market Walgreens locations that had new 15-year absolute net leases executed with 5% increases every 5 years.
“This transaction shows PPG’s ability to deliver off market drugstore assets to 1031 buyers that are under time constraints. Each property we delivered had new 3rd party reports allowing the buyer to know these deals had clean due diligence upfront which is important when an investor is under 1031 timeline constraints,” explained Jason Pongsrikul, Managing Principal.
“Pharma Property Group has a number of current and upcoming 1031 clients that are exclusively engaging us to locate drugstore purchase opportunities throughout the country. Each of these 1031’s have specific drugstore requirements that include geography, lease term remaining and minimum cash returns. We qualify buyers upfront so that when we contact sellers we know exactly what we are looking for,” stated Mr. Pongsrikul.
Pharma Property Group (PPG) has over $2 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