Canoo signs 10-year lease in Bentonville with CrossMar Investments
by March 26, 2022 9:51 am 12,449 views
Canoo — the California mobility tech company that’s planning a big splash in Northwest Arkansas — signed a 10-year, $17.1 million lease in January to occupy a new 270,000-square-foot industrial building at 4700 S.W. Regional Airport Blvd. in Bentonville.
The details, revealed in a March 1 regulatory filing with the Securities and Exchange Commission, indicate the building’s use as an advanced industrialization facility. Canoo is also building a mega-factory in Pryor, Okla.
“The Bentonville manufacturing facility will be a low-volume facility, which we intend to use in the near-term for the initial production of our vehicles, allowing us to test and validate our manufacturing equipment and processes before large-scale production begins in our mega microfactory,” the company’s 10-K annual report said. “In the long term, we expect to use the Bentonville facility for rapidly innovating on product concepts.”
The Bentonville real estate is part of CrossMar Investments’ Gateway Park development. CrossMar is a commercial development group based in Bentonville led by Chris Crossland and Phil Martz.
The company will eventually relocate its corporate headquarters to a separate facility in Bentonville but that date is undetermined. Canoo expects to start production of its electric vehicles in late 2022.