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11/08/23
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In a recent OC industrial lease, Mullen Automotive inked a deal for a 121.6k sf facility at 1500 East Walnut Ave, north of the 91 Fwy and west of the 57 Fwy.
The Class A industrial building is on 5.41 acres of land in southeast Fullerton. The infill facility includes 6.2k sf of office space, split between two floors. The warehouse space features 32 feet clear height, 17 dock-high doors and two grade-level doors as well as a large secured fenced yard. Its location has convenient access to State Route (SR) 57, SR-22, SR-55, SR-91 and Interstate 5 and is within 30 miles of the Port of Los Angeles and Port of Long Beach.
CBRE’s Ben Seybold and Sean Ward represented the landlord, Link Industrial, in the transaction.
“Mullen Automotive, an electronic vehicle manufacturer, was drawn to the freestanding building because of its heavy power capacity and proximity to its own headquarters in nearby Brea, Calif.,” said Seybold. “The new lease helps the company expand their local operations and Orange County footprint.”
According to CBRE research, the average industrial asking lease rate in Orange County increased one cent quarter-over-quarter to $1.75 NNN lease per sq. ft. per month for the first time since the second quarter of 2021. Additionally, net absorption increased to 326k sf compared to 85k sf in the previous quarter.
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