Mullen leases former Kraft warehouse for EV production

investing.com:

Mullen Automotive (NASDAQ:MULN) secured a lease for a 121,615-square-foot warehouse located in Fullerton, California, on land that had previously housed a food manufacturing plant for many years.

CBRE represented Link Industrial, the owner of the building, in the transaction, and the specific terms of the lease agreement with Mullen were not publicly disclosed.

“Mullen Automotive … was drawn to the freestanding building because of its heavy power capacity and proximity to its own headquarters,” said CBRE EVP.

“The new lease helps the company expand their local operations and Orange County footprint.”

The facility, located at 1500 East Walnut Ave., became available when Kraft Foods (KHC) closed operations in 2018, resulting in the displacement of hundreds of workers.

The former Kraft building has played a significant role in the food manufacturing landscape for decades.

Originally established as a Claussen pickle factory in the mid-70s, it later transitioned into a Kraft Heinz (NASDAQ:KHC) manufacturing plant in 1989. During this period, the facility was instrumental in producing the popular all-in-one, pre-packaged Lunchables meals.

“This acquisition continues the firm’s strategic investment plan for small bay industrial assets in a high barrier of entry and low vacancy submarkets in sought-after irreplaceable locations with limited supply growth,” said MIG Real Estate’s commercial investment director, Kevin Stiles.

The company said it will continue to use the business center as-is while it pursues opportunities for similar investments in Southern California.

Shares of MULN are down 10.7% in afternoon trading on Friday.