Company News
Kingsbarn Purchases Tesla Sales and Service Center in Affluent Suburb of Chicago
The Newly Constructed Sales and Service Center is Kingsbarn’s Third Tesla Acquisition in the Midwest
Chicago, Illinois—September 24, 2024 – Kingsbarn Realty Capital (“Company” or “Kingsbarn”) has acquired Tesla’s new sales and service center located at 1200 Skokie Boulevard, Northbrook, Illinois (the “Property”). Recently completed in 2024 and designed for Tesla, Inc., the Property consists of approximately 47,995 rentable square feet and features Tesla’s typical minimalist, open-concept design, a service and maintenance area, design studio, customer lounge, and administrative offices. It also features rooftop parking. The Property is the newest of seven Tesla sales and service areas in the Chicago area, which is home to about 9.6 million people.
Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles and energy generation and storage systems in the United States and internationally. With a market cap over $714 billion, as of September 17, 2024, Tesla is one of the world’s most valuable companies and is considered to have investment-grade credit.
"Kingsbarn is thrilled to announce the acquisition of our latest Tesla-leased property, expanding our portfolio within the electric vehicle market,” stated Jeff Pori, CEO of Kingsbarn. “Tesla’s leadership in electric vehicle technology and its global brand recognition make the company a valuable tenant, poised to generate considerable interest from our investors." Having purchased two other Tesla-leased properties—one in Golden Valley, Minnesota, and the other in Lake Elmo, Minnesota—this purchase marks Kingsbarn's third investment in a Tesla sales and service center property. Kingsbarn is also under contract to acquire an additional Tesla-leased property in Georgia.
ABOUT KINGSBARN REALTY CAPITAL
Kingsbarn Realty Capital is a real estate-centric investment house that provides institutional and accredited private investors access to an array of alternative investments. Kingsbarn offers investments in private equity, exchange traded funds, traditional investment funds, private capital, managed accounts and Delaware Statutory Trusts (DSTs). Additionally, Kingsbarn’s management team has wide-ranging experience developing, managing, operating, and sponsoring a diversified portfolio of stabilized, income-driven properties as well as ground-up construction, value-added offerings, opportunity zone investments, and entitlement projects. Kingsbarn has over $2.1 billion of assets under management and has acquired over 280 properties throughout the United States. The company currently has a development pipeline of over $2 billion consisting of multifamily, student housing, medical, industrial, retail, and hospitality. For further information, visit www.kingsbarn.com.
Kingsbarn Media Contacts:
Emma Williams & Holly Silvestri
The Ferraro Group (702) 367-7771
emma@theferrarogroup.com
holly@theferrarogroup.com
No Offer
This is not an offer. An offer will only be made pursuant to the delivery of the required offering documents, including the private placement memorandum, as supplemented or amended (the “Memorandum”) and only in states in which the securities offered pursuant to the Memorandum are registered or exempt from registration requirements, and only by broker-dealers authorized to do so. This information discusses general information about the portfolio and is not a guarantee, prediction or projection of future performance. Diversification does not protect against loss or guarantee return. There are risks associated with investing in real estate assets, such as inflation, interest rates, real estate tax rates, changes in the general economic climate, local conditions such as population trends and neighborhood values, and supply and demand for similar property types. Investing in DSTs and 1031 exchanges involves significant tax consequences. Please refer to the Memorandum for detailed information about the offering and its associated risks and implications.
Forward-Looking Statements
This press release may contain forward-looking statements identified by the use of words such as “outlook,” “indicator,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release. Kingsbarn assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events or circumstances.