Pharma Property Group Closes on a Walgreens Recently Acquired From Rite Aid in West Warwick, RI
Pharma Property Group sold an exclusively listed Walgreens in West Warwick, Rhode Island. This Walgreens offered the buyer an absolute net lease with over 10 years remaining on the initial term.
“This Walgreens garnered heavy activity and we were able to draw several competing offers. We eventually selected a local investor who purchased the property at full asking price. The buyer liked the property as the lease called for increases in the initial term and option periods which is rare for properties guaranteed by Walgreens Corporation. This store was acquired by Walgreens from Rite Aid in their acquisition of 1,900+ locations across the country primarily in the south and northeast,” explained Chris Barry, Associate for 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