SRS Real Estate Partners announced today the $21 million sale of a 35,616-square-foot industrial property fully occupied by Tesla Collision Center located at 18011 Mitchell South in Irvine, Calif. Tesla, Inc. has a 10-year, corporate-guaranteed triple net lease in place with options to extend.
The transaction was led by SRS Capital Markets Senior Vice President Pat Weibel on behalf of the seller, North Palisade Partners, a Los Angeles-based developer. Mac Mace and Rob Rader of Topside Real Estate, who handled leasing for the seller, also advised on the sale with Weibel. The buyer, a Southern California-based private investor, was represented by Pat Lacey of Costa Mesa-based Tidemark Real Estate.
“This institutional grade asset garnered significant investor interest. It offered a well-known tenant on a long-term lease in an affluent demographic base in the heart of Orange County, on the border of Irvine and Newport Beach, which is also home to a high rate of Tesla ownership and other EV adoption,” said Weibel. “We received national and international buyer interest from every active investor class including institutional, private high net worth family offices, 1031 exchange groups, and even non-traditional real estate investors within the automotive and green energy spaces, that were looking at alternative investments.”
Situated on 2.44 acres, the property was renovated in 2024 with both Tesla and the seller executing a major tenant improvement build-out for use in their collision center vertical.
Tesla Service and Collision centers continue to be some of the most sought-after investment opportunities on the market, with SRS representing sellers of these assets in a variety of locations nationwide.
In 2024, SRS Capital Markets completed transaction volume exceeding $2.5 billion comprised of more than 600 transactions in 45 states. SRS currently has more than 740 properties actively on the market with a market value surpassing $3.5 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with 29 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.