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3/09/18
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The Tesla Service Center, a 39.1k sf center in the heart of Orange County, was acquired by a private investor for $16.65 mil ($425/sf). The service center, which sold at a cap rate of 5.2%, is located at 3020 Pullman St, adjacent to the 55 Fwy and minutes from the 405 Fwy, 73 Toll Road and 133 Fwy in Costa Mesa.
The service center, which was built in 1973 and completely renovated in 2013 and 2014, sits on 2.25 acres and includes two, one-story buildings. The buyer plans to keep the property indefinitely while collecting cash flow. Tesla, an American automotive and energy storage company that designs, manufactures and sells electric cars, occupies 100% of the property.
Kurt Bruggeman, CCIM, and Ryan Swanson of The Capital Markets Group of Lee & Associates Irvine, represented the seller, 3020 Pullman St LLC. The buyer was repped in the deal by Tom West of Lee & Associates Newport Beach.
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