There is an uptick in 1031 activity right now, Zang says, due to properties needing to close in a timely manner for the 2009 tax year. The LOI and two pending offers have been made by three separate buyers. Even without the looming deadline, net-leased drug stores in the Mid-Atlantic corridor are faring well, Zang said. In particular, "buyers in a flight to quality area like Maryland are eager for good product because of the high barriers to entry."

The portfolio is averaging slightly higher than a 7.5% cap rate, with three of the properties averaging a 7.5% cap and one a 7.8% cap. The properties are:

• 498 Ritchie Highway in Severna Park, MD: 14,784 square feet on 1.65 acres with a new 20-year, triple-net lease; the list price is $10.3 million, or $699 per square foot;
• 701 Washington Ave. in Chestertown: 14,952 square feet on 1.3 acres with a new 25-year triple-net lease; the list price is $7.4 million or $494 per square foot;
• 1800 Main St. in Chester (Kent Island): 14,550 square feet on1.75 acres with a new 25-year triple net lease; the list price of$6.8 million comes to $467 per square foot;
• Route 40 and Whitehall Road in Elkton: 13,721 square feet on 1.25 acres with a new 25-year triple-net lease, the list price of $5 million represents $369 per square foot.