The former Costa Mesa headquarters of luxury electric carmaker Karma Automotive has traded hands again, with the new buyer planning to build an automotive-focused facility at the industrial building near John Wayne Airport.
A Southern California developer, operating under the Westlake Village-based T.R. Funding name, recently bought the 3080 Airway Ave. building, which runs about 79,000 square feet.
T.R. Funding paid $21.7 million for the single-story building, or about $275 per square foot, buying it from a venture between Crow Holdings and Pacific Industrial.
Voit Real Estate Services represented the buyer and sellers.
Crow Holdings and Pacific Industrial paid $33.7 million combined, about $213 per square foot, nearly a year ago for 3080 Airway and the next-door 3030 Airway building, a similar-sized building that is used by surf apparel firm Rip Curl USA under a long-term lease.
The Rip Curl building remains under the ownership of private equity firm Crow Holdings and Pacific Industrial, a Long Beach-based developer of warehouses and distribution facilities that’s also been buying in Anaheim of late.
The 3080 Airway building previously held Karma’s operations prior to its move more than a year ago to a much larger facility in the Irvine Spectrum.
The property is near JWA and several auto businesses, like a Ferrari and Maserati dealership, as well as the Lyon Air Museum.
50% Pre-Sold
T.R. Funding officials tell the Business Journal they plan to build a luxury car storage and showroom facility at the site.
The buyer believes their concept is a first for Orange County.
It will be operated under the Finish Line Auto Storage name, and will provide storage facilities for private car collectors with luxury amenities, like a 6,500-square-foot clubhouse and private entrances to each unit.
The proposal to develop 32 private storage units, or “car condos,” as the developer says, received approval from the Costa Mesa Planning Commission in March.
Units will range in size from 1,000 to 6,500 square feet, and will range in price from $750,000 and $3.5 million.
Construction is expected to begin in the next few months, and wrap next year.
The deal also includes the option to close on 20,000-square-feet of adjacent land, where the owners plan to build a second phase of condos after the first units are delivered, according to co-founder Tony Principe.
“We are already 50% pre-sold,” Principe, who runs T.R. Funding with Rick Principe, told the Business Journal. “There are plenty of places to store cars, but this is more about building a custom space that is secure, in a country club-like setting.”
The units have plumbing for a private restroom, wet bar, and insulation with an option for climate control, according to marketing materials.
The privately held investment and development firm has about a dozen current projects, including the three auto facilities and other commercial investments.
The Costa Mesa Finish Line Auto Storage location will be the second for the buyers; the first was an 80,000-square-foot facility in Westlake Village that opened in 2017, and is fully leased, according to the company.
Another location is a 33,000-square-foot project in the entitlements process in Calabasas.
