Pharma Property Group Closes on San Diego Walgreens
Pharma Property Group has closed on the sale of a Walgreens property in Escondido, a city in the North County of San Diego, California.
The Walgreens property is centrally located in a dense infill retail area adjacent to Escondido City Hall and the California Center for the Arts. The lease had just over six years of term remaining at the time of sale on a double net basis with landlord responsible for roof and structure.
“We assisted the ownership group in negotiating a lease extension a year early from the scheduled option prior to listing the property and found a local California based buyer who acquired the property as part of a 1031 like kind exchange. We take pride here at PPG in facilitating transactions nationwide, however it is always exciting to work on a deal in our own back yard” stated Chris Barry, Senior Associate.
Drugstores continue to be in high demand as investors direct their focus to retail tenants offering essential services with strong real estate fundamentals throughout the country.
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
Chris Barry, Senior Associate
Pharma Property Group
5322 Banks Street
San Diego, CA 92110
Office: (858) 860-6591