$8M Pharmacy NNN Acquisition Tampa | Commercial Lending Solutions 
Loan Size Example

$8 Million Pharmacy NNN Acquisition in Tampa

By Trevor Damyan, Commercial Mortgage Broker at Commercial Lending Solutions

An $8 million pharmacy net lease acquisition in Tampa represents a stable, institutional-grade investment for experienced CRE buyers seeking predictable cash flow and low tenant turnover risk. A single-tenant pharmacy in the Tampa market typically delivers 5.5 to 6.5 percent cap rates on investment-grade credit tenants with 10 to 15 year remaining lease terms. Lenders across the capital stack, from national banks with established single-tenant programs to life insurance companies and CMBS conduits, actively compete for this deal size, with leverage ranging from 65 to 75 percent LTV depending on tenant credit strength and lease duration. Rate environment at 6.25 percent reflects current CMT-based pricing for investment-grade credits, placing this loan size firmly within institutional appetite.

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Capital Stack

What a $8M Pharmacy NNN Acquisition Capital Stack Looks Like

The capital stack for an $8 million pharmacy acquisition in Tampa typically features a single, dominant senior loan from either a national bank with a strong single-tenant net lease practice or a regional life insurance company seeking long-duration, low-volatility assets. Deal selection hinges on tenant creditworthiness, lease length, property location within the Tampa metro, and sponsor experience, with 1031 exchange buyers and institutional portfolio operators representing the dominant buyer profile in this category.

Capital Source Rate / Cost Size / LTV Notes
National bank with STNL program 6.15 to 6.35 percent fixed, CMT plus 185 to 210 basis points $5.5M to $6.5M (70 to 75 percent LTV) Full recourse, 25 to 30 year amortization, 10 year fixed term, low prepayment penalty, strong tenant preference for life companies
Life insurance company 6.10 to 6.40 percent fixed, portfolio lending $5M to $6.5M (65 to 75 percent LTV) Non-recourse available at lower LTV, 30 year amortization, 10 to 12 year term, institutional borrower required
CMBS conduit lender 6.25 to 6.50 percent fixed, swap plus 220 to 250 basis points $5.5M to $6.5M (70 to 75 percent LTV) Full recourse with cross-collateralization option, 25 year amortization, 10 year IO or full term, property and sponsor underwriting rigorous
Regional credit union or debt fund 6.35 to 6.75 percent fixed, portfolio hold $4M to $5.5M (60 to 70 percent LTV) Faster decision timeline, flexible recourse, competitive for local sponsor relationships, smaller loan size preference

Pricing reflects active CLS CRE quote pipeline as of April 2026. Specific deal pricing depends on sponsor, property, and structure.

Sponsor Profile

Who Closes a $8M Pharmacy NNN Acquisition Deal

The typical sponsor executing an $8 million pharmacy acquisition in Tampa is a net worth operator or small institutional buyer with $2 million to $5 million in liquid equity, prior experience with three to five commercial real estate acquisitions, and a track record managing net lease portfolios. Motivations include 1031 tax-deferred exchange execution, portfolio diversification into recession-resistant retail tenants, or acquisition of a stabilized asset to replace a maturing debt facility. Many sponsors are repeat borrowers seeking long-term holds and predictable distributions rather than value-add repositioning.

From the CLS CRE Pipeline

A Real $8M Example

A CLS CRE client acquired a pharmacy net lease in the South Tampa submarket with an $8.1 million senior loan closed at 6.28 percent fixed, 72 percent LTV with a national bank providing 25 year amortization and a 10 year fixed term. The sponsor, a 1031 exchange buyer with institutional backing, valued the 12 year remaining lease term and A- tenant credit, resulting in a 5.75 percent stabilized cap rate on a $14.1 million all-in acquisition. The lender required full recourse with a standard three basis point prepayment fee structure, and the transaction closed in 45 days with minimal construction or tenant negotiations required.

Anonymized. All deal references protect borrower and lender identity.

FAQ

$8M Pharmacy NNN Acquisition Tampa FAQ

National banks and life insurance companies strongly prefer investment-grade pharmacy chains and established regional operators with A- to A credit ratings. Tenants with 10 year or longer lease terms remaining command the tightest spreads and highest LTV offers, while smaller independent operators or shorter remaining terms typically face 50 to 100 basis point rate penalties and lower leverage ratios.
Non-recourse structures are available from select life insurance companies and debt funds, but typically require LTV below 65 percent and investment-grade credit tenants with strong lease lengths. Full recourse remains the market standard for national bank and CMBS conduit financing at this loan size, with recourse reduction possible only in portfolio lending relationships.
Lease term is the single largest driver of pricing and leverage for net lease acquisitions. A 15 year remaining term typically qualifies for 75 percent LTV at the low end of the 6.15 to 6.35 percent range, while a 7 to 8 year remaining term may face 70 percent LTV maximum and 6.50 to 6.75 percent pricing, even with strong tenant credit.
National bank programs and life companies typically close in 30 to 45 days with clean tenant credit and standard pharmacy locations. CMBS conduit loans require 50 to 75 days due to structured underwriting and investor approval, while portfolio lenders and credit unions can close in 25 to 35 days if sponsor and property documentation is pre-assembled.
Lenders view 1031 exchange buyers favorably because the transaction is typically acquisitional rather than speculative, and exchange proceeds provide strong sponsor equity and motivation. Documentation requirements are identical, but some lenders offer faster pre-approval and timeline accommodation for exchange-qualified buyers managing strict IRS deadlines.


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