Tesla Motors Signs $12M Industrial Lease In Santa Monica With Elon Musk
LEASED
California
See Similar DealsIndustrial82,000 SF
Leased 04/01/2021
LEASED
Tesla Motors Signs $12M Industrial Lease In Santa Monica With Elon Musk
1100 Colorado Avenue, Santa Monica, CA, USA
See Similar DealsIndustrial82,000 SF
Leased 04/01/2021
Summary
CALIFORNIA
Asset Type:Industrial
Total Square Footage:82,000 SF
Transaction Type:Lease
The industrial property located at 1100 Colorado Avenue in Santa Monica has been leased by Tesla Motors, led by Elon Musk. The property spans 82,000 square feet and is owned by Parr Investment Company. The lease agreement has a total value of $12,000,000.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $12,000,000
- Tenant: Tesla Motors - Elon Musk
- Landlord: Parr Investment Company
- Market: Santa Monica
- Date: 04/01/2021
This lease deal exemplifies the growing presence of Tesla Motors in Santa Monica's industrial market. The agreement between Tesla Motors, led by Elon Musk, and Parr Investment Company highlights the strategic move to secure this 82,000 square feet industrial space. This transaction signifies the continued expansion and investment in the Santa Monica industrial real estate.
Details
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Deal Type
NNN (Triple Net)
Effective Rent (Annual)
$4,700,190.52
Total Lease Value
$47,001,905.18
Net Landlord Cash Flow$4,700,190.52
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