Updated Oct 29, 2024
Tesla Motors Signs $12M Industrial Lease In Santa Monica With Elon Musk
1100 Colorado Avenue, Santa Monica, CA, USA
Building Size
82,000 SF
Asset Type
Industrial
Closing
Mar 31, 2021
About this deal
AI
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.
Players
Santa Monica Industrial Market Snapshot
Boundary boundary · Industrial · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93