IE Business Daily Business news for the Inland Empire.
Two properties occupied by Starbucks, one in Cathedral City and another in Temecula have been sold for a combined $7.3 million.
The 1,900-square-foot parcel at Highway 111 and Date Palm Drive in Cathedral City was sold for $3.7 million to a private investor in Northern California, according to SRS Real Estate Partners.
The property is across the street from Agua Caliente Casino.
The seller was a Newport Beach-based retail and restaurant developer. Both buyer and seller wished to remain anonymous.
The Temecula property at 27425 Ynez Road sold for $3.6 million. SRS Real Estate represented the seller, a West Coast-based developer. The buyer was a private investor from California.
Both of those parties also declined to be identified.
The 3,600-square-foot property is in a grocery-anchored shopping center and is part of a major retail corridor.
“Starbucks assets are attracting interest from single-tenant investors because they offer a favorable combination of strong corporate credit, long-term leases, and high-traffic locations that drive sales,” said Alexander Moore, a vice president with SRS Capital Markets, in a statement.
SRS Capital Markets is a division of SRS Real Estate Partners, which is based in Dallas. It has 18 offices nationwide, including one in Riverside office, according to the company’s website.
