SRS Real Estate Partners announced today it has closed the sales of three Starbucks properties with a total value of $10 million. The properties include two Southern California/Inland Empire assets and one Northern California property. All the properties include drive-thrus, are new construction and have long-term, corporate-guaranteed triple-net leases in place.

“SRS’s Capital Markets platform has continued to find success for Starbucks-leased property while current on-market Starbucks inventory remains high in California and nationally,” said Alexander Moore, a Vice President with SRS Capital Markets. “Starbucks assets are attracting interest from single-tenant net lease investors because they offer a favorable combination of strong corporate credit, long-term leases, and high-traffic locations that drive consistent sales.”

SRS has been one of the leading brokerages for Starbucks property sales nationwide. In the past 12 months, SRS has transacted 39 Starbucks-occupied properties with the total value exceeding $126 million.

Following is information on each Starbucks-occupied asset:

SWC Highway 111 & Date Palm Drive in Cathedral City was sold for $3.7 million at a closing cap rate of 5%. SRS Capital Markets Alexander Moore represented the 1031 buyer, a Northern California-based private investor. The seller was a Newport Beach-based retail and restaurant development company. The 1,900-sf property is situated across from Aqua Caliente Casino.

27425 Ynez Road in Temecula, Calif. was sold for $3.6 million and at a closing cap rate of 5.25%. SRS Capital Markets Pat Kent and Parker Walter represented the seller, a West Coast-based developer. The buyer was a private investor from California who was in a 1031 exchange. The 3,600-square-foot property is an outparcel to a grocery-anchored center and is within a major retail corridor.

3045 Shasta View Drive in Redding, Calif. was sold for $2.67 million at a closing cap rate of 5.25%. SRS Capital Markets Alexander Moore represented the seller, a California-based private investor, as well as the buyer, a Northern California-based private investor who was in a 1031 Exchange. The 2,055-sf property is within a major commercial corridor for the submarket.

This year, SRS Capital Markets has completed more than $1.2 billion in deal volume comprised of more than 350 transactions across the nation. SRS currently has in excess of 845 properties actively on the market with a market value surpassing $3.7 billion

About SRS Real Estate Partners

Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.

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