DAUM Closes 82K SF Lease in Tight Santa Monica Market
The tenant is planning extensive renovations, including the addition of an EV charging station.
DAUM Commercial Real Estate has negotiated the lease of an 82,000-square-foot warehouse and office property in the Santa Monica submarket of Los Angeles. The new tenant, a major electric vehicle company, agreed on a long-term commitment, paying approximately $12 million for the space.
Vice Chairman Michael Collins together with Executive Vice President David Freitag of DAUM Commercial represented the owner—a private entity active in the Southern California industrial market.
The new tenant is expected to occupy the space next quarter and will subsequently make extensive renovations and upgrades, Collins told Commercial Property Executive. The building is slated to offer maintenance, repair, delivery and charging for electric vehicles. Caliber Collision, an auto body repair and paint shop, was the previous tenant of the property for 20 years.
The building is located at 1100 Colorado Ave. on a 121,200-square-foot site. The warehouse, built in 1971, features an 18-foot clear height, a wrought-iron fence, 2,000 amps of extensive power and a parking ratio of 1.6/1,000.
The space at 1100 Colorado Ave. provides an opportunity for the new tenant to potentially expand to a total of about 132,000 square feet in the following years. An adjacent, 50,000-square-foot property, owned by the same entity, is currently leased to Mercedes-Benz. Other nearby businesses include Lexus, Amazon, HBO and Universal Music.