SRS Brokers $2.9 Million Sale of a Starbucks-Occupied Property in Porterville, California

Porterville, Calif. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.9 million sale of a single-tenant property fully occupied by Starbucks Coffee located at 421 Vandalia Ave. in Porterville. The property is an outparcel to Riverwalk Marketplace, a shopping center anchored by Lowe’s Home Improvement.

Matthew Mousavi and Patrick Luther of SRS represented the seller, a Southern California-based owner and developer. Bryan Cifranic of Commercial Retail Associates Inc. represented the buyer, a California-based investor who was in a 1031 exchange. The closing cap rate was 4.4 percent.

Built in 2008, the property was originally an El Pollo Loco restaurant until it was renovated in 2020 for Starbucks. The 2,992-square-foot property is situated on 0.8 acres, has a drive-thru and is located at the intersection of S. Jaye Street and State Highway 190.

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