LOS ANGELES-Pegasus Investments, an investment advisory firmthat operates from offices in Century City and Encino, has closedon a highly structured zero-cash-flow 1031 transaction that is thelatest step in “an extremely detailed portfolio repositioningstrategy” on behalf of Los Angeles-based Inglewood Family Corp.Inc. This is according to president Ken Chasin and executive vicepresident David Chasin of Pegasus. The closing of the transaction,in which Pegasus acted as the lead adviser in Inglewood Family’sacquisition of a CVS pharmacy in Prattville, AL, “helps the buyercontinue a complex unwinding of an 11-property retail portfolio,”David Chasin says.

The property, which is located within Montgomery, AL's mostdensely populated suburb, sits as an outparcel to Pratt Plaza andacross the street from a neighborhood grocery center anchored byWinn Dixie. The site includes numerous other outparcels withtenants such as Colonial Bank, Wendy's and Hardee's. Although thebuyers were at first unfamiliar with the Montgomery suburb, Pegasusrecommended it to the buyer after an extensive review of the siteand surrounding area.

"At first glance it would be easy to dismiss Prattville as atertiary location, however there are very strong demographic,traffic flow and site fundamentals which contribute to ourexpectation that this will continue to be a dominant site for CVSfor many years to come," David Chasin explained. "The store is arelocation from within the same center. CVS moved from its in-linespace to its newest prototype, which is a freestanding14,000-square-foot building with a drive-through," Chasin added."The fact that CVS already knew what its sales were before makingthis type of investment added another layer of confidence wealready had in the site."