Fisker Automotive and Technology Group LLC has signed a long-term lease agreement to occupy a 555,670-square-foot industrial building in Moreno Valley where it will manufacture its ultra-luxury, plug-in electric hybrid Karma sports car, Colliers International has reported.
Fisker’s decision to locate its manufacturing plant in Moreno Valley makes it the first automaker to operate an assembly plant in Southern California since 1992, when General Motors closed its Van Nuys, California, facility.
“Approximately 150 high-skilled jobs will be created at our new manufacturing facility,” said Fisker’s Cindy Sidoti, Vice President of Manufacturing & Quality.
With the City of Moreno Valley offering a number of incentives, including favorable rates on electric power, the auto maker also was attracted to the site by the facility’s 1,600-foot building length and 36-foot clear height.
First Industrial Realty (NYSE:FR) of Chicago, one of the largest institutional developer-owners of industrial properties in the U.S., built the facility at 17100 Perris Blvd. on a speculative basis.
"We are excited that Fisker has chosen our most recent Moreno Valley Development as its new home," said Larry Cochrun, director of development for First Industrial Realty Trust. "Our building in Moreno Valley offered the right features and access to a talented and diverse workforce to support Fisker's growth plans."
Fisker was represented in the transaction by Colliers Executive Vice President Ian DeVries and Associate Chris DeVries, while First Industrial Realty was represented by Colliers Executive Vice Presidents Kevin McKenna and Ian DeVries.
“The promise of new jobs drives local communities and these are high-skilled jobs,” Ian DeVries and McKenna said in a statement. “This is an important and valuable victory for the City of Moreno Valley, for the Inland Empire and for California to see manufacturing coming back to the state.”
Corporate neighbors include Amazon and Procter & Gamble, which both signed long-term leases on other facilities in the Moreno Valley in the past few years, as well as other major corporate entities who favor the region for its location close to nearby surface, rail and air transport options. It also has direct access to the ports of Los Angeles and Long Beach.
For more about this transaction and read the Los Angeles Times article, click here.
Read the GlobeSt Article, click here.