The 35,616-square-foot building that’s home to a Tesla Collision Center in Irvine sold May 28 for $21 million.
SRS Real Estate Partners said Tesla has a 10-year triple net lease with options to extend at 18011 Mitchell South.
The seller was North Palisade Partners, a Los Angeles-based developer. The buyer, Np Mitchell LLC, was represented by Costa Mesa-based Tidemark Real Estate.
SRS Capital Markets Senior Vice President Pat Weibel said the property offered up a well-known tenant in “an affluent demographic base in the heart of Orange County, on the border of Irvine and Newport Beach” with a high number of Tesla owners.
“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,” Weibel said.
The property on 2.4 acres was renovated in 2024.
Anaheim apartment building sells for $2.3M
A seven-unit, two-story apartment complex at 128 East Wakefield Ave. in Anaheim sold May 12 for $2,264,000 or $323,428 per unit.
Marcus & Millichap’s Orange County office marketed the property for the unnamed seller. The unidentified buyer was represented by Coldwell Banker.
The 64-year-old property includes four one-bedroom units and three two-bedroom units. All units were renovated and exterior features also got updated.
San Clemente shopping center swaps owners for $9M
A San Clemente shopping center anchored by DMV sold May 23 for $8.9 million.
Casual Cascade De, LLC sold the 24,933-square-foot retail center at 2727 Via Cascadita to Space Investment Partners, according to Tony Azzi and Rabbie Banafsheha of The Azzi Group of Marcus & Millichap.
The brokerage represented the seller. The buyer paid in cash.
“This was a very complicated transaction due to having to navigate the Coastal Commission, working with the city, and managing multiple moving parts simultaneously,” said Banafsheha, first vice president investments.
The property, anchored by the Department of Motor Vehicles, sits on a 2.81-acre lot next to the Outlets at San Clemente.
Taco Bell property chomps $2.35 million deal
A 2,527-square foot Taco Bell property at 10901 Garden Grove Blvd. in Garden Grove sold recently in a 1031 exchange for $2,350,000 in what the brokerage Marcus & Millichap called “a competitive bidding environment.”
“The property was on the market eight days prior to the Letter of Intent,” shared Sheila Alimadadian, first vice president investments in Marcus & Millichap’s Orange County office. “This was a highly competitive asset with multiple offers.”
Coldwell Banker Realty marketed the listing for the seller, CY Investment LLC. The buyer, The Fouladinejad Family Trust, was represented by Marcus & Millichap.
Office property in La Palma trades for $6M
A 21,216-square-foot office property at 22 Centerpointe Drive in La Palma for $6.025 million.
The buyer, a local owner-user, bought the asset from an unnamed institutional joint venture, according to CBRE.
On the move
Daniel Gehman in February joined the commercial real estate design firm Ware Malcomb in Irvine as director of Multifamily, where he will focus on expanding the firm’s architectural projects on the West Coast. For the past 27 years, Gehman was principal and studio director and senior designer at Danielian Associates Architects + Planners and Humphreys & Partners Architects, among others, focusing on residential infill and multifamily projects.
The real estate roundup is compiled from news releases and written by Business Editor Samantha Gowen. Submit items and high-resolution photos via email to sgowen@scng.com . Please allow at least a week for publication. All items are subject to editing for clarity and length.