COOLIDGE, AZ — A real estate investor has acquired nearly 400 acres of land in Coolidge from electric vehicle and hydrogen-fuel truck maker Nikola Corp. and signed a lease agreement with the company for its existing manufacturing plant on the large property.
An entity tied to Scottsdale-based STORE Capital Corp., a net-lease real estate investment trust, or REIT, purchased 394 acres from Phoenix-based Nikola (Nasdaq: NKLA) for $50.4 million, or about $127,708 an acre at the end of June, according to Pinal County documents and real estate database Vizzda.
Nikola did not sell its manufacturing plant to the investor but signed a ground-lease agreement that's set to expire in 99 years, according to county documents and a spokesperson. Nikola previously acquired the site for its factory in 2019 for $23 million, or about $59,346 an acre, the Business Journal previously wrote.
