Pharma Property Group Closes New York CVS 15-Year Lease
“Pharma Property Group (PPG) has sold a 15-year CVS lease in upstate New York where they represented the seller in an exclusive listing. We assisted the owner in extending their lease with CVS to 15 years prior to going to the market in order to maximize the exit value,” stated Jason Pongsrikul, Managing Principal.
“Once we went to the market, we had a number of interested buyer groups and ultimately selected a New York based buyer in a 1031 exchange who was represented by an outside broker. This transaction shows PPG’s ability to get our sellers maximum proceeds by analyzing multiple sales strategies and leveraging our drugstore specific marketing platform which not only targets buyers directly but also outside brokers creating the highest exposure for our listings,” explained 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