Quick Take:

  • Buyer: Lucid Group Inc., a Saudi-backed California-based EV company
  • Seller: Nikola Corp., via bankruptcy auction
  • Location: Coolidge, Arizona
  • Sale Price: $30 million
  • Footprint Added: 884,000+ square feet including the factory and Nikola’s Phoenix HQ lease
  • Approval: U.S. Bankruptcy Court, District of Delaware, April 11, 2025

Why It Matters for Arizona Real Estate Investors:

  • Industrial Expansion: Lucid’s acquisition significantly expands its manufacturing presence in Arizona, complementing its existing Casa Grande facility.
  • Signal of Confidence: Despite Nikola’s collapse, Arizona continues to attract high-value industrial users—a positive signal for surrounding property values.
  • Land Reuse Potential: Investors should monitor surrounding land for speculative industrial or BTR conversions.
  • Policy Insight: Projects like this showcase the importance of allowing distressed assets to transfer smoothly to new operators—an argument for streamlined development policies.