Pharma Property Group Represents 1031 Client on Purchase of Zero Cash Flow CVS Property in Danville, PA
Pharma Property Group has closed on the purchase of a CVS property in Danville, Pennsylvania.
CVS signed a 25-year lease on this property in 2019, which provided the purchaser with over 24 years of firm term before the option periods. The debt structure on this property required a limited down payment and will generate passive losses which can help to offset taxable income over the life of the lease.
“Our client assumed the existing zero cash flow financing on the property, satisfying their 1031 exchange requirement. The client plans to take advantage of the paydown/readvance feature which will allow them to extract equity from the transaction tax free,” said Chris Barry, Vice President at PPG.
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, Vice President
Pharma Property Group
5322 Banks Street
San Diego, CA 92110
Office: (858) 860-6591