After opening up its first location on Long Island featuring the impressive used car vending machine, the company is seeking to sell the property for over $19 million, according to a story in Long Island Business News.
The listing on LoopNet.com, a commercial real estate listing site, advertises the property as a 20-year, triple net lease. According to Investopedia, a triple net lease (NNN) is “a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance.” Essentially, the property owner will just collect rent.
As of now, Carvana is not closing the location but wants to sell the property to an investor who will then lease the property back to them for a predetermined rent.
How does the used car vending machine work?
“If a customer selects the vending machine, upon arrival, they will be greeted by a customer advocate and receive a commemorative, oversized Carvana coin to activate the automated vending process,” the company described in a press release. “Carvana customers get a front-row seat to watch their newly purchased vehicle descend through the brightly lit vending structure from the heart of the all-glass tower.”