Lucid Motors leases space, expands in the East Valley

Lucid Motors leases space, expands in the East Valley

Article Originally Posted By PhoenixBusinessJournal On June 13, 2022

Lucid Group Inc. (Nasdaq: LCID) has signed a lease for more than 116,000 square feet of industrial space in Tempe.

Cushman & Wakefield's Phil Haenel, Mike Haenel and Andy Markham represented the landlord, TA Realty, as the three looked to backfill the entire space for one tenant at 525 W. 21st St. Phil Haenel confirmed that a lease was signed in March for Lucid Motors and that John Asher of AT Real Estate Services represented Lucid in the deal.

Asher could not be immediately reached for comment on the deal.

Plans for what Lucid Motors will do with the space weren't immediately available. The Newark, California-based electric vehicle maker didn't respond to requests for comment.  

The Tempe space was previously occupied by Spencer's TV & Appliance. Just last year, Phil and Mike Haenel and Markham brokered the sale of 525 W. 21st St. from Spencer's TV & Appliance to Boston-based TA Realty in a $17.9 million deal. The trio was retained as listing brokers for property. As Spencer's TV & Appliance moved out, Lucid's lease began, Haenel said.

"The Phoenix metro area saw phenomenal occupier growth in 2020 and 2021 that has carried into 2022, according to Cushman & Wakefield research. "Tempe alone reported nearly 725,000 square feet of industrial growth in Q1 2022. The robust levels of demand, which have come from out-of-state and in-state companies, have fueled the need for greater industrial supply, particularly for well-located class A products,” Haenel said in a statement.

Lucid Motors is on a growing spree.