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.