A freshly built Tesla dealership in Valencia just traded hands for $33 million, a tidy sum that signals investors are still plenty interested in net leased auto properties along Southern California’s busiest freeways. The single tenant store at 24050 Creekside Road, which opened in 2024, sits off the Interstate 5 corridor in the Santa Clarita Valley. Sukut Real Properties picked up the property from Greenlaw Partners.
Deal details
The site at 24050 Creekside Road sold for $33 million, with Greenlaw Partners recorded as the seller and Sukut Real Properties as the buyer. The transaction was reported by CoStar.
Property and lease specifics
The 38,638 square foot building was completed in 2024 and is laid out as a single tenant delivery and service facility. Marketing materials on LoopNet show a corporate backed 15 year NNN lease with 3 percent annual rent bumps. Tesla’s location page lists the Santa Clarita store at 24050 Creekside Road, according to Tesla.
Why investors are paying up
Single tenant, corporate leased auto properties have stayed in demand even as the broader commercial real estate market shifts, since long terms and fixed increases can offer relatively predictable cash flow. That same pattern showed up last year when a Tesla collision center in Irvine changed hands for $21 million, as reported by The Real Deal.
Who Sukut is
Sukut Real Properties is the investment arm tied to Sukut Construction and has built a track record as a buyer and long term holder of Southern California industrial assets. The firm recently landed a nine figure refinancing on a 21 property portfolio, according to The Registry.
Local market takeaway
The Valencia sale drops an institutional, fee simple asset into Santa Clarita’s mix of retail and light industrial stock and underscores how freeway exposure drives pricing. Listing materials cite about 181,000 vehicles per day on the adjacent I 5 corridor, a level of drive by traffic that helps explain why investors are comfortable paying a premium for a single tenant auto site, according to LoopNet.
