Tesla has leased a 59,500-square-foot warehouse in Costa Mesa, its largest footprint in Orange County to date.
The Austin, Texas-based EV carmaker leased the industrial building at 3565 Cadillac Avenue, the Orange County Business Journal reported. Terms of the lease were not disclosed.
The two-year lease marks its third and largest in Costa Mesa and its eighth building in OC, including stores and service centers.
The building, which formerly served as headquarters for Kyocera Precision Tools, lies next to the Santa Ana River and north of the 405 Freeway near Fountain Valley Costco. The site is four miles from Rivian Automotive’s newly opened 32,000-square-foot service and delivery center
The lease is among the larger industrial deals for the city this year by square footage, according to CoStar Group.
Brokers Michael Hefner and Trent Walker of Voit Real Estate Services represented the undisclosed landlord in the deal.
Tesla didn’t disclose how it would use the building, which is large enough to house repair facilities and other services besides auto sales.
It’s the EV maker’s second space to open in OC this year, following the April debut of its Irvine sales and service facility, which spans 38,000 square feet along Barranca Parkway.
Tesla, the world’s most valuable car company with a $685 billion market cap, has outlets in Newport Beach, Irvine, Mission Viejo, Buena Park and Brea in addition to Costa Mesa.
Tesla vehicles were the No. 1 sellers in OC among luxury and sports cars last year, according to the Orange County Automotive Dealers Association. It had 15,527 new car registrations, up 67 percent from 2020. Its cars made up 9.7 percent of all auto sales in OC last year.
— Dana Bartholomew
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