A California-based electric vehicle maker has purchased a sprawling property vacated by a machinery manufacturer in Oklahoma City to produce its next iteration of electric vehicles and bring hundreds of jobs to the area.
Canoo, based in Torrance, California, acquired the 637,041-square-foot industrial facility, which sits on 124 acres along Interstate 40 from Terex USA in a deal totaling nearly $34.3 million. The electric vehicle maker plans to occupy nearly 500,000 square feet of the building, with the seller leasing back roughly 150,000 square feet at the facility for its materials processing division. This facility is in addition to Canoo's electric vehicle battery facility in Pryor, Oklahoma.
The property acquisition has been selected by a panel of local industry professionals as the winner of the 2024 CoStar Impact Award for sale of the year for Oklahoma City.
About the Deal: The facility, once known as the Terex USA facility, has been a staple of the industrial market in Oklahoma City for decades. It has been kept in good condition with Terex remodeling the office and redoing the exterior of the facility with upgrades to the lighting and concrete. The deal is a testament to the Oklahoma City industrial market and adds hundreds of jobs to the city.
What the Judges Said: "Having the Terex space available to attract a new electric vehicle manufacturer was a real win for both the greater Oklahoma City region and the state of Oklahoma," said Eric Long, an executive with the Greater Oklahoma City Chamber. "[This deal] has brought auto manufacturing back to Oklahoma City with the potential of creating more than 500 jobs."
They Made It Happen: Brent Holliday and Mitch Hammack of KW Commercial represented the seller. Mitch Adwon and Will Bryant of Adwon Properties represented the buyer.