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9/22/20
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In a recent AZ industrial buy, Phoenix-based Fundamental Income picked up a 190k sf, single-tenant property in Tolleson for $50 mil in an off-market deal. The property, located at 600 S 94th Ave, is occupied by Carvana.
The asset is being sold by Carvana, who will leaseback the property as the tenant on a long-term basis. The facility is used as a reconditioning and photography center for vehicles sold by Carvana.
SRS National Net Lease Group’s Travis Fidel represented both parties in the transaction. Fidel noted, “This deal marks our third industrial sale-leaseback with Carvana since late 2019, helping unlock $150 mil of capital as the company continues expanding.”
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