Listed by JLL - Irvine (Orange County), California
Unpriced
3020 Pullman Street
Details
APN 427-351-05
Property Type Retail, Industrial
Sub Type Warehouse
NOI $1,049,046
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Expiration 07/30/2029
Remaining Term 4
Lease Options 5 Years starting August 1, 2024 (Tenant has exercised their 1st renewal term)
Year Built 1973
Year Renovated 2013-2014
Buildings 2
Stories 2
Acreage 2.250
Zoning MP-Business Park
Parking Spaces 2.55 per 1,000 sq ft
Ceiling Height 16’-18’
Dock High Doors 7
Retail
Marketing description
The property has two (2) single-story buildings totaling +/-39,149 square feet situated on a 2.25-acre parcel within the city of Costa Mesa of Orange County. The Property is currently 100% occupied by Tesla Motors, an American automotive and energy storage company that designs, manufactures and sells electric cars, electric vehicle powertrain components and battery products. 3020 Pullman is strategically located adjacent to the 55 Freeway and minutes away from the 405 (San Diego) Freeway as well as the 73 Toll Road and 133 (Laguna) Freeway, providing easy access to Orange County, Los Angeles, San Diego, and the Inland Empire.
Costa Mesa is a city if Orange County, California. Since its incorporation in 1953, the city has grown from a semi-rural farming community of 16,840 to a primarily suburban and edge city with an economy based on retail, commerce and light manufacturing. Costa Mesa is ideally situated between Los Angeles, Inland Empire and San Diego. Well known for being the central location of Orange County, Costa Mesa has direct access to major airports, transportation, malls and entertainment.
Investment highlights
- High Quality, Publicly Traded Tenant. Tesla Motors, Inc. (TSLA) designs, develops, manufactures and sells high performance fully electric vehicles, advanced powertrain components and Tesla energy products.
- Superb Access. The property has a central location and is literally adjacent to the 55 Freeway. It is minutes from the 405, 5, & 91 Freeways and the 73, 133, 241 & 261 Toll Roads. It blocks away from the John Wayne Airport.
- Retail Amenities. This property is located in the heart of the Airport Area and is near South Coast Plaza with shopping, dining and entertainment, as well as Fashion Island, which is just 10 minutes to the south.
- Long-Term Lease with Increases for Renewal Term(s). Tesla has been occupying the property for 10 years. This property offers a stabilized, longterm, net leased investment opportunity offering a predictable cash flow. The two (2) buildings are 100% leased for an additional 5 years with (3) additional 5-year options to extend with a 10% increase for each period.
- Newly Refurbished. The property underwent a complete renovation in 2013 2014 prior to Tesla’s initial move-in with new roof, new HVAC systems, renovated glass line, upgraded facade, renovated parking lot and rebuilt interiors to meet Tesla’s specifications. The front building has 100% HVAC with office and service bays.
- Central Location for Service & Delivery. Tesla Costa Mesa is a service center and maintenance facility that services all areas in Orange County.
- Rentable Building Area ±39,149 SF
- Building A: ±27,000 SF
- Building B: ±12,149 SF
- Original Lease Commencement March 2014
Listing Contacts
Listed by JLL - Irvine (Orange County), California
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Loan Amount
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Annual Debt Service
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$1,049,046.00
$87,420.50/mo
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