PPG Secures Listing for a Recently Extended CVS 15 Year Lease in New York
“Pharma Property Group was engaged to consult a client with a CVS asset that had around two years of remaining lease term before the options in order to restructure the lease to maximize their exit pricing. This is a zero cash flow CVS lease with the loan coming to maturity and our disposition plan is to time the sale of the asset once the loan matures and provide a buyer with a fresh 15 years of firm lease term before the options thereby maximizing our seller’s net proceeds,” stated Jason Pongsrikul, Managing Principal of Pharma Property Group.
“Our experience in drugstore property sales and our relationship with drugstore tenants have allowed our clients to see all the options while considering a lease restructure. We have consulted on a number of drugstore lease restructures which gives us the insight to advise our client’s correctly when modifying their drugstore leases for an upcoming sale, refinance or long-term hold,” said Mr. Pongsrikul.
Pharma Property Group (PPG) has over $1.5 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