{"id":1004754183,"date":"2025-04-11T04:36:41","date_gmt":"2025-04-11T12:36:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004754183"},"modified":"2025-04-11T04:36:43","modified_gmt":"2025-04-11T12:36:43","slug":"lucid-drives-off-with-phoenix-facilities-in-auction-win","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lucid-drives-off-with-phoenix-facilities-in-auction-win\/","title":{"rendered":"Lucid Drives Off With Phoenix Facilities in Auction Win"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004754185\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lucid-drives-off-with-phoenix-facilities-in-auction-win\/25904-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"25904 (1)\" data-image-description=\"&lt;p&gt;Property at 4141 E. Broadway Road in Phoenix&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The former office headquarters and product development center of Nikola Corp. sold in a bankruptcy auction. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg\" alt=\"Exterior shot of the former headquarters of Nikola in Phoenix\" class=\"wp-image-1004754185\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/25904-1.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The former office headquarters and product development center of Nikola Corp. sold in a bankruptcy auction. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>EV manufacturer Lucid Group has won the bankruptcy auction for several assets spanning more than 884,000 square feet of industrial and office space previously owned or leased by Nikola Corp. in metro Phoenix. <\/p>\n\n\n\n<p>The acquisition bid is set at about $30 million in cash and non-cash consideration, according to court filings. The deal also includes the company&#8217;s machinery, equipment and inventory.<\/p>\n\n\n\n<p>Nikola, also an EV manufacturer, filed for Chapter 11 Bankruptcy in February and sought to sell its business. In 2020, the company was valued at about $30 billion.<\/p>\n\n\n\n<p>Subject to approval by U.S. Bankruptcy Court for the District of\u00a0Delaware, Lucid will take over Nikola\u2019s manufacturing facility in Coolidge, Ariz., and its office lease in Phoenix. The transaction does not include the purchase of Nikola\u2019s business, customer base or technology related to its EV trucks.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/industrials-uneven-playing-field\/\">Industrial\u2019s Uneven Playing Field<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The 2022-built manufacturing property is at 680 E. Houser Road, about 71 miles from downtown Phoenix. It features battery and environmental testing chambers, as well as a chassis dynamometer.<\/p>\n\n\n\n<p>Lucid\u2019s EV assembly facility\u2014which spans 3.8 million square feet, according to CommercialEdge data\u2014is roughly 24 miles away. This purchase aligns with the company\u2019s Arizona expansion plans. Additionally, Lucid plans to hire more than 300 former Nikola employees.<\/p>\n\n\n\n<p>Nikola\u2019s former office headquarters and product development center is at 4141 E. Broadway Road in Phoenix. The company fully occupied the 200,000-square-foot property following a $52.5 million <a href=\"https:\/\/www.commercialsearch.com\/news\/considering-a-sale-leaseback-get-real-about-value\/\">sale-leaseback<\/a> to Ascent Real Estate Advisors in 2022, according to CommercialEdge data.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-greater-phoenix-s-steady-industrial-investment\">Greater Phoenix&#8217;s steady industrial investment<\/h2>\n\n\n\n<p>The <a href=\"https:\/\/www.commercialsearch.com\/news\/top-markets-for-industrial-transactions\/\">industrial investment volume<\/a> in metro Phoenix clocked in at $183 million during the first two months of the year, according to a CommercialEdge report. The Valley of the Sun ranked third among Western markets, behind Orange County ($303 million) and Los Angeles ($233 million).<\/p>\n\n\n\n<p>However, that number is set to grow as sales continue to pencil out. In March, BKM Capital Partners <a href=\"https:\/\/www.commercialsearch.com\/news\/bkm-grows-phoenix-footprint-with-157m-buy\/\">paid $156.8 million<\/a> for a 778,000-square-foot collection. The portfolio comprises mostly <a href=\"https:\/\/www.commercialsearch.com\/news\/shallow-bay-industrials-deep-future\/\">shallow-bay warehouses<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The acquisition includes several of Nikola Corp.\u2019s manufacturing and office properties.<\/p>\n","protected":false},"author":3471,"featured_media":1004754185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21748,21783,21742,1601,15],"tags":[51148,33879],"class_list":["post-1004754183","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industrial","category-investment","category-latest","category-phoenix","category-west","tag-ascent-real-estate-capital","tag-real-estate-bankruptcy"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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