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SRS Closes Trio of Starbucks Sales in 1031 Deals
SRS Real Estate Partners recently closed the sales of three Starbucks properties with a total value of $10 million. The properties include two Inland Empire assets and one in Northern California. All three include drive-thrus, are new construction and have long-term, corporate-guaranteed triple-net leases in place.
The sales all involved 1031 exchanges. They include the following:
- SWC Hwy. 111 & Date Palm Dr. in Cathedral City was sold for $3.7 million at a closing cap rate of 5%. SRS Capital Markets VP Alexander Moore represented the 1031 buyer, a Northern California-based private investor. The seller was a Newport Beach-based retail and restaurant development company.
- 27425 Ynez Rd. in Temecula traded for $3.6 million at a closing cap rate of 5.25%. The team of Pat Kent and Parker Walter represented the seller, a West Coast-based developer. The buyer was a private investor from California.
- 3045 Shasta View Dr. in Redding sold for $2.67 million at a closing cap rate of 5.25%. Moore represented the seller, a California-based private investor, and the buyer, a Northern California-based private investor.
- ◦Sale/Acquisition
