Carvana vending machine tower in Richmond sold to REIT for M

Carvana vending machine tower in Richmond sold to REIT for $8M

The 12-story tower at 2201 Westwood Ave. is Carvana’s 30th automobile vending equipment in the

The 12-story tower at 2201 Westwood Ave. is Carvana’s 30th automobile vending equipment in the U.S. (BizSense file)

3 months after opening its “car vending machine” in Richmond, Carvana has unloaded the 12-story composition to an Arizona-centered REIT in a multimillion-dollar offer.

The applied auto retailer marketed the consumer center and tower for $8.2 million in a deal that shut Feb. 8. The facility is at 2201 Westwood Ave., throughout Interstate 195 from TopGolf.

The consumer was an entity tied to Shop Cash Corp., a publicly traded real estate investment belief based mostly in Scottsdale, a couple of miles north of Carvana’s headquarters in Tempe.

The Richmond facility is a person of various Carvana vending machines that have altered palms all around the place in the latest months, together with towers in Cleveland and Philadelphia, according to information studies.

Keep Funds was the seller of the Cleveland tower and has owned other Carvana attributes, in accordance to the REIT’s SEC filings.

The deal seems to be the very first in the Richmond market place for Keep Capital, whose portfolio totaled 2,788 homes as of September, according to its website. A center-market web-lease REIT, Retail outlet Funds trades on the New York Stock Exchange underneath the ticker image “STOR.”

A company consultant claimed Keep Funds would not comment on the transaction. Carvana did not return a ask for for comment Tuesday.

Carvana’s Rob Christian in the buyer center, which has brick walls and industrial-model hardwood floors.

The Richmond facility opened in November as the on the internet auto seller’s 30th vending machine nationwide. At 12 stories, it’s also just one of its tallest, able to maintain up to 43 autos at a time. Vehicle potential buyers can elect to retrieve their on the net buys from the automated, window-paneled composition.

The $4 million facility was designed very last 12 months by Colorado-dependent Catamount Constructors. WHN Architects, out of Charlotte, North Carolina, built the making, and Kimley-Horn was the engineer.

Carvana procured the 1.66-acre Westwood site in 2020 for $1.8 million. The city most a short while ago assessed the enhanced home at $4.9 million.

The house is just one of many alongside that extend of Westwood to improve fingers in the latest months.

In late December, community businessman and genuine estate developer Jay Nichols acquired the next-door assets at 2117 Westwood Ave. for $3.8 million. The residence was beforehand home to Atlantic Electrical Provide Corp., which was a short while ago acquired by D.C.-centered Encompass Source.

On the other aspect of Westwood, catty-corner from Carvana at the Hamilton Road intersection, Henrico County lately ordered a 4.6-acre parcel at 2200 Westwood Ave., reportedly for a potential sewage pump station. The county paid $3.4 million for the website, which it most just lately assessed at $642,700.

Also nearby, area developer Spy Rock Serious Estate Group has submitted programs with the county for a five-story, 245-unit apartment making at 2001 Dabney Street.