The company opened a used car vending machine earlier this year.
After opening the first branch in Long Island, Used Car Vending MachineThe company is seeking to sell the property for more than $19 million, according to one of the people. story In Long Island Business News.
Available on LoopNet.comCommercial real estate listing sites advertise the property as a 20-year triple net lease.according to Investment Encyclopediaa Triple Net Lease (NNN) is “an agreement to lease a property in which the tenant or lessee undertakes to pay all costs of the property, including real estate taxes, building insurance, and maintenance.” Essentially, the landlord will only collect rent.
As of now, Carvana is not closing the location, but hopes to sell the property to investors, who will then lease the property back to them at a predetermined rent.
How does a used car vending machine work?
“Should customers opt for a vending machine, upon arrival, they will be greeted by a customer advocate and receive an oversized Carvana commemorative coin to initiate the vending process,” the company described in a press release. “Carvana customers can sit in the front row and watch their new purchases descend from the bright vending structure at the center of the all-glass tower.”
