Store Capital Corp. has put a 12-story property leased by used car retailer Carvana in downtown Atlanta on the sales block for $13.7 million.
The listing comes as online used-car retailers struggle with declining sales. Sellers like Carvana and Vroom have seen their stock prices crater as revenue tanked amid rising used-car prices. Shares of Tempe, Arizona-based Carvana have dropped 92% percent over the past 12 months.
Carvana’s Atlanta facility is located at 166 16th St. NE, next to the Downtown Connector interstate highway, about a block south of the Atlantic Yards office complex. Private equity titan KKR purchased Atlantic Yards in July for $385 million, one of the highest prices in Atlanta for an office property over the past year.
The structure, which Carvana calls a vending machine, contains platforms for vehicles, and its glass walls allow it to function as an outdoor billboard for inventory. When a customer purchases an automobile from Carvana, they can choose to pick it up at the vending machine, where it is lowered from its spot on the platform to ground level.
Carvana’s lease on the 5,372-square-foot building runs through 2041, according to CoStar research. It occupied the sales tower in November 2020.
The Carvana tower's location at the split of Interstates 75 and 85 is one of the busiest traffic corridors in Atlanta. About 370,000 vehicles pass by daily, according to listing broker Newmark.
The Atlanta tower is one of 33 vending machines that Carvana operates nationwide. The company opened one in May in Daly City, California, according to a company news release.
Jesse Goldsmith and Steve Julius, senior managing directors at Newmark, are representing Store Capital on the Atlanta sales listing. Goldsmith declined to comment.
Store Capital and Carvana did not respond to requests for comment.