Lucid Motors Leases 116,000 Square Feet Of Industrial Space In Tempe, Arizona

June 14, 2022

Lucid Motors back in March 2022 has reportedly leased over 116,000 square feet of industrial office space in Tempe, Arizona, according to Phoenix Business Journal. The location of this space is at 525 W. 21st St. Tempe, Arizona.

The report says that Lucid Motors took the whole space, it is specific to just one tenant, according to the lease. “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,” the Phoenix, Business Journal wrote.

Here is a Google Map of this location:

It is unclear what Lucid Motors is doing with this specific location. In May 2022, Lucid Motors purchased 120 acres of land in Casa Grande, Arizona, supposedly to expand their production plant and factory.

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 photo above is of the Spencer’s TV & Appliance industrial building from Google Maps street view.

“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.

Currently, Lucid Group shares, LCID, are trading level today at $16, almost at its 52-week low of $13.25.