Behind the deal: How this Valley firm helped Lucid acquire Nikola’s Arizona factory

Article originally posted on Phoenix Business Journal on April 28, 2025

In the days after Nikola Corp. filed for Chapter 11 bankruptcy protection, Scottsdale-based Land Advisors Organization got to work.

With an ace in the hole, the real estate advisory group reached out to Houlihan Lokey, the multinational financial services firm tasked by Nikola with “marketing and soliciting potential purchasers for a post-petition sale of their business assets,” bankruptcy documents show.

That initial outreach morphed in subsequent weeks into an advisory relationship that would conclude with California-based vehicle manufacturer Lucid Group Inc. purchasing Nikola’s Coolidge manufacturing facility and Phoenix headquarters building for more than $30 million. The deal adds more than 884,000 square feet to Lucid’s real estate footprint in Arizona.

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