Pharma Property Group Closes a Short Term Walgreens to Perform a 1031 Exchange
Pharma Property Group has sold the Walgreens property located at 1600 S. Western Street in Amarillo, Texas.
“The owners of this property signed an exclusive listing agreement with PPG to sell their Walgreens in Amarillo which has 3 years of lease term remaining. The owner’s goal is to perform a 1031 exchange into another net leased property with a longer primary lease term. Our firm also has an exclusive agreement to represent the same owners in their 1031 exchange process. We have already identified a number of properties that are suitable for their exchange and once the exchange is complete the owners will have successfully traded out of a short term 3-year Walgreens lease and repositioned into a 15 year plus net leased investment,” explained Jason Pongsrikul, managing broker for Pharma Property Group.
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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
