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Irvine, CA - Tesla Collision Center
18011 Mitchell Ave | Irvine, CA 92614
Price
35,616
± SF Offering GLADescription
SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a NNN leased, freestanding, investment grade, Tesla Sales, Service, and Delivery Center (SSD) investment property located in Irvine, CA (Los Angeles MSA). The tenant, Tesla, Inc. (dba Tesla Motors, Inc.), recently signed a brand new 10-year lease with 2 (5-year) option periods to extend, demonstrating their commitment to the site. The lease features rare, above market 3.50% annual rental increases throughout the initial term and options with a FMV increase at the beginning of option 2. The lease is signed by the corporate entity (S&P: BBB) and is NNN leased with limited landlord responsibilities, making this an ideal, low-management investment opportunity for a passive investor. Tesla is one of the world’s most valuable companies and remains the world’s most valuable automaker.
Location
Telsa is strategically located at the hard corner intersection of Red Hill Avenue and Mitchell South, averaging over 38,000 vehicles passing by daily. The property also benefits from nearby access onto State Highway 55 (316,000 VPD), State Highway 73 (194,000 VPD), and Interstate 405 (296,000 VPD). The subject neighbors John Wayne Airport with over 11.3M passengers in 2022. Tesla is ideally situated within a dense trade area and is near Bristol Plaza (158K+ SF), The District at Tustin Legacy (983K+ SF), South Coast Plaza (1.62M+ SF), and other major shopping centers. The nearby tenants include Walmart Supercenter, Staples, TJ Maxx, Lowe’s, Target, The Home Depot, Marshalls, and Costco, among many others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. Furthermore, Tesla is near numerous single-family communities and multi-family complexes including Aurum (178 units – U/C), The Courtyards at South Coast (192 units), The Kelvin (194 units), and others, providing a direct residential consumer base.
The 5-mile trade area is supported by over 605,400 residents and 455,500 daytime employees. Residents within 1-, 3-, and 5-miles of the subject boast an affluent average household income of $128,573, $129,230, and $133,361, respectively.