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Updated: 09.13.24 Posted: 06.03.24 Status: Inactive 09.26.24

Summary

Price $14,263,000
Built/Renov 2023
Tenant Tesla
Cap Rate 6.25%
Lease Type Double NN
Guarantor Corp T and Rated
Size/SF 40,650
Lease Start 01-03-2024
#Units 1,208
Price/SF $350.87
Expiration 01-31-2034
Tenant Type Automotive
NOI $891,455
R. Term 8.8
Ownership Fee Simple
Rent/SF $21.93
Increases 2.0%/1/yrs
Pop 5Mi 166,319
Lot/AC 2.58
Options 3/5yrs/2%
AHHI 5Mi $160,582

Lease Highlights

  • Brand new 2023 construction
  • Tesla recently executed a brand new 9+ year lease with 3 (5-year) options to extend
  • The lease features 2% annual rental escalations throughout they initial term and option periods
  • Corporate guarantee | Investment grade tenant

Location Description

Tesla Collision Center is strategically located on Shore Drive, with access to a robust daily traffic count of 174,500 vehicles. The property provides convenient access to major highways, with the I-55 arterial (174,500 VPD) 1.5 miles away and the I-294 arterial (191,000 VPD) 2.5 miles away. Additionally, it is located in a burgeoning industrial corridor, in close proximity to major employers...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

  • Tenant: Tesla
  • Guarantor:Corp T and Rated
  • Company:Tesla, Inc
  • # Units:1,208
  • Tenant S&P: BBB
  • Moody’s: Baa3
  • Stock: NASDAQ: TSLA

About Tenant

Tesla, Inc. is an American electric vehicle and clean energy company. They specialize in electric vehicle manufacturing, battery energy storage from home to grid-scale, and solar panel and solar...


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Demographics

  1 Miles 3 Miles 5 Miles
2029 Total Population : 5,887 53,751 160,059
2024 Total Population : 5,948 55,057 164,241
2024 Employed Civilian Pop : 3,123 29,571 85,909
2024 Total Businesses : 650 2,458 5,989
2024 Average Household Income : $ 176,872 $ 157,490 $ 163,311
2024 Total Consumer Spending : $ 357 M $ 3087 M $ 9094 M
2024 Median Age : 48 46 44
2024 Total Households : 2,377 22,845 65,067
2024 Pop Age 25+: Bachelor's Degree : 1,259 13,091 37,292
2024 Average Home Value : $ 654,716 $ 536,354 $ 550,094
*ESRI data is presented for informational purposes only

Listing Broker

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