CBRE Arranges 121,615-Square-Foot-Industrial Building Lease

CBRE facilitated a new lease for Mullen Automotive of a 121,615-sq.-ft.-industrial building at 1500 East Walnut Avenue in Fullerton, Calif. CBRE’s Ben Seybold and Sean Ward represented the landlord, Link Industrial, in the transaction.

“Mullen Automotive, an electronic vehicle manufacturer, was drawn to the freestanding building because of its heavy power capacity and proximity to its own headquarters in nearby Brea, Calif.,” said Mr. Seybold, executive vice president at CBRE. “The new lease helps the company expand their local operations and Orange County footprint.”

The Class A industrial building is on 5.41 acres of land in southeast Fullerton. The infill facility includes 6,234 sq. ft. of office space, split between two floors. The warehouse space features 32 feet clear height, 17 dock-high doors and two grade-level doors as well as a large secured fenced yard. Its location has convenient access to State Route (SR) 57, SR-22, SR-55, SR-91 and Interstate 5 and is within 30 miles of the Port of Los Angeles and Port of Long Beach.

According to CBRE research, the average industrial asking lease rate in Orange County increased one cent quarter-over-quarter to $1.75 triple net lease per sq. ft. per month for the first time since the second quarter of 2021. Additionally, net absorption increased to 326,000 sq. ft. compared to 85,000 sq. ft. in the previous quarter.