North Palisade Partners Sells Tesla-leased Industrial Property In Irvine For $21M With Brokers SRS And Topside

The industrial property located at 18011 Mitchell South in Irvine encompasses 35,500 square feet and is situated on 2.44 acres. The sale price for this asset was $21,000,000, amounting to a price per square foot of $592. The property is leased to Tesla under a 10-year NNN lease.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $21,000,000
• Address: 18011 Mitchell South
• Market: Irvine
• Acres: 2.44
• Square Footage: 35,500
• Price per Square Foot: $592
• Seller: Joe Mishurda - North Palisade Partners
• Buyer's Representative: Pat Lacey - Tidemark Real Estate Services
• Seller's Representatives: Patrick Weibel - SRS Real Estate Partners; Mac Mace & Rob Rader - Topside Real Estate
• Cap Rate: 5.5%

This transaction was facilitated by key representatives including Pat Lacey of Tidemark Real Estate Services, who represented the buyer, and a team from SRS Real Estate Partners and Topside Real Estate, which represented the seller. The deal highlights the strong leasing arrangement with Tesla, contributing to the investment appeal.