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Steiner Investments, a 1031 exchange investor based in Costa Mesa, bought a 35,500-square-foot building in Irvine that’s fully leased to Tesla Inc.
The flex property at 18011 Mitchell S. in Irvine sold for $21 million, or $592 per square foot. Los Angeles-based real estate development and investment firm North Palisade Partners was the seller.
North Palisade Partners and Steiner Investments closed their deal on May 28, according to CoStar.
Steiner Investments, according to CoStar, was attracted to the property due to Tesla’s long-term lease and the triple-net lease structure.
Read more in the June 16 issue.