EV producer Lucid Group has gained the chapter public sale for a number of property spanning greater than 884,000 sq. ft of commercial and workplace area beforehand owned or leased by Nikola Corp. in metro Phoenix.
The acquisition bid is about at about $30 million in money and non-cash consideration, in line with court docket filings. The deal additionally consists of the corporate’s equipment, tools and stock.
Nikola, additionally an EV producer, filed for Chapter 11 Chapter in February and sought to promote its enterprise. In 2020, the corporate was valued at about $30 billion.
Topic to approval by U.S. Chapter Courtroom for the District of Delaware, Lucid will take over Nikola’s manufacturing facility in Coolidge, Ariz., and its workplace lease in Phoenix. The transaction doesn’t embody the acquisition of Nikola’s enterprise, buyer base or know-how associated to its EV vehicles.
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The 2022-built manufacturing property is at 680 E. Houser Street, about 71 miles from downtown Phoenix. It options battery and environmental testing chambers, in addition to a chassis dynamometer.
Lucid’s EV meeting facility—which spans 3.8 million sq. ft, in line with CommercialEdge knowledge—is roughly 24 miles away. This buy aligns with the corporate’s Arizona enlargement plans. Moreover, Lucid plans to rent greater than 300 former Nikola staff.
Nikola’s former workplace headquarters and product improvement heart is at 4141 E. Broadway Street in Phoenix. The corporate totally occupied the 200,000-square-foot property following a $52.5 million sale-leaseback to Ascent Actual Property Advisors in 2022, in line with CommercialEdge knowledge.
Higher Phoenix’s regular industrial funding
The economic funding quantity in metro Phoenix clocked in at $183 million throughout the first two months of the 12 months, in line with a CommercialEdge report. The Valley of the Solar ranked third amongst Western markets, behind Orange County ($303 million) and Los Angeles ($233 million).
Nonetheless, that quantity is about to develop as gross sales proceed to pencil out. In March, BKM Capital Companions paid $156.8 million for a 778,000-square-foot assortment. The portfolio contains largely shallow-bay warehouses.
