Pharma Property Group Closes Walgreens with 12 Years Remaining on the Lease in Brentwood, CA
Pharma Property Group has closed the Walgreens located at 4520 Balfour Road in Brentwood, California. The property had 12 years remaining of initial lease term before fifty years in options to follow and was closed at a full asking price of a 5 CAP for $8,000,000.
Pharma Property Group had the Walgreens exclusively listed and cooperated with an outside broker in order to close the transaction to an all cash 1031 San Francisco Bay Area based investor.
“Closing this transaction at a full asking 5 CAP price for our seller shows our firms ability to achieve record pricing for drugstore product, in particular California drugstore product. ,” explained Jason Stuart Pongsrikul who is Managing Principal of Pharma Property Group.
“This closing was the highest priced sale for any Walgreens with 10 to 15 years remaining in California during 2016 that was not located in a major metropolitan California infill market (San Diego, Los Angeles or San Francisco). Since we specialize only in drugstores, an outside broker contacted our firm specifically requesting to review our California drugstores property listings and we were able to facilitate this transaction for our seller based on our reputation as drugstore specialists,” continued Mr. Pongsrikul.
“A third of all Walgreens landlords in the entire United States are based in California where we are headquartered. A much higher percentage of Walgreens drugstores in California are owned by investors that are based in California that feel comfortable purchasing near home. Our firm takes advantage of being based in San Diego by providing Walgreens, CVS and Rite Aid landlords access to California capital throughout the country,” said Mr. Pongsrikul.
Pharma Property Group is a specialized national commercial real estate brokerage firm providing investment services for drugstore landlords who own Walgreens, CVS and Rite Aid properties throughout the nation.
Pharma Property Group
5328 Banks Street Suite B
San Diego, CA 92110
Office: (619) 297-0055