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Look out Tesla, another electric vehicle manufacturer is taking over a large industrial property in Southern California.
Mullen Automotive signed a 60-month, triple-net lease for a 121,615-square-foot building at 1500 East Walnut Avenue in Fullerton, just north of Anaheim in Orange County. The lease rate was $2.01 per square foot, according to CBRE (CBRE), which represented the landlord, Link Industrial and announced the deal last week.
The company, which was founded in 2014, plans to use the facility to expand its battery development and production capabilities.
“We are one step closer to fulfilling our commitment to providing the next generation of battery technology to our lineup of EV vehicles, providing a clean and safe alternative to current lithium-ion batteries,” Mullen CEO and Chairman David Michery said in a statement.
The Class A industrial infill building sits on 5.41 acres and includes 6,234 square feet of office space spread across two floors. It’s located near State Route (SR) 57, SR-22, SR-55, SR-91 and Interstate 5 and is within 30 miles of both the Port of Los Angeles and Port of Long Beach.
“Mullen Automotive … was drawn to the freestanding building because of its heavy power capacity and proximity to its own headquarters in nearby Brea, Calif.,” CBRE Executive Vice President Ben Seybold said in a statement. “The new lease helps the company expand their local operations and Orange County footprint.”
The average industrial asking lease rate in Orange County increased one cent quarter-over-quarter to $1.75 triple-net lease per square foot per month for the first time since the second quarter of 2021, according to an October market report from CBRE. Meanwhile, net absorption increased to 326,000 square feet, compared to 85,000 square feet in the previous quarter.
Nick Trombola can be reached at NTrombola@commercialobserver.com.
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