Carvana landlord lists Lehi location for $7.7 million
This story was updated on Tues, Feb 21, 2023 at 11:15 a.m.
The landlord of financially troubled online car retailer Carvana has listed the Lehi location for $7,721,500. The 8-story, all-glass car vending machine building has only been around since 2021 but is a site not easily missed right off I-15, near Mountain Point Medical Center.
The 1.22-acre property on Triumph Boulevard is being marketed by commercial real estate company Newmark Knight Frank out of New York City. The listing boasts the retailer’s location as its top feature, with over 177,000 cars passing daily and Lehi’s household median income of $118,217. According to Utah County property records the property was sold by Carvana to Scottsdale, Arizona company Store Master Funding LLC in January of 2022.
Carvana (CVNA) has been in a downward spiral for over a year, as the retailer is reporting significant quarterly losses and carrying over $4 billion in debt. The company’s stock was trading at a historic high of $360.89 per share in August of 2021 and closed on Friday at just $11.37 per share.
The Lehi Carvana location is open and has not announced any plans to stop business.
Carvana declined to comment on the story.