Los AngelesPharma Property Group has sold a three-property portfolio of zero cash flow CVS locations in Los Angeles. The portfolio, which totaled 68.800 square feet traded hands for $21 million to a California-based investor.

The portfolio had zero cash flow financing in place, and required a defeasance at closing. In exchange, the buyer received a credit for the 3-year rent holiday towards the back end of the primary lease terms.

Nick Price, SVP, and Jason Pongsrikul, managing principal, of Pharma Property Group, brokered the deal. The firm is now working with the seller to place the proceeds in a 1031 exchange deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Los Angeles
San Diego
Net Lease
Retail
Capital Markets
West