Fletcher Jones Automotive Group and its sell-side advisor, The Presidio Group, announced the sale of Porsche Walnut Creek in California’s largely affluent East Bay region. The buyer is Sonic Automotive, which now operates six Porsche points nationwide.

“In recent years, we’ve taken steps to hone our dealership portfolio to focus on the markets that best align with our long-term objectives and where we have longstanding operations and significant scale in luxury automotive retail,” writes Fletcher Jones President Keith May in a release. “The sale of Porsche Walnut Creek is another step in that effort, and Sonic is well positioned to continue the dealership’s success.”

The sale marks the Southern California-based group’s exit from the Northern California market. It also adds to a series of high-profile divestitures. Last year, Fletcher Jones sold its Chicago Audi and Mercedes-Benz dealerships to AutoNation. In June, AutoNation added Fletcher Jones’s Audi, Mercedes-Benz and Porsche stores in Fremont, Calif., also in the East Bay.

Presidio executives say they have advised on five transactions involving 13 stores in California so far this year, underscoring its position as the America’s largest car market and home to many of her highest-income citizens.

“Porsche Walnut Creek brought together many of the attributes buyers are pursuing today — a premier luxury franchise, a highly affluent market and meaningful long-term growth potential,” said Alex Watterson, managing director at The Presidio Group. “We were proud to help Fletcher Jones identify a buyer that recognizes those strengths and can leverage an established presence in the market.”

Read more at The Presidio Group