May 10, 2022 9:00 AM
Newmark announces it has completed the sale of a single-tenant net leased Carvana located at 3898 35th Street in Orlando, Florida. The asset traded from Craig Berger, CEO of Avid Realty Partners, to Cherna Moskowitz for the listing price of $9,014,805. The trade’s cap rate of 5.90% represents the lowest cap rate transaction ever recorded for a Carvana sale. The property is 100% triple-net leased to Carvana on a long-term basis.
Newmark Executive Managing Director Matt Berres, Directors Jordan Alleva and Samer Khalil and Associate Karick Brown of the firm’s Net Lease Capital Markets group, along with the broker of record Vice Chairman Bert Sanders, represented the seller.
“With a prime location, excellent visibility and surging automotive demand during the pandemic, this Carvana location represented a highly desirable investment opportunity,” said Alleva.
Berres added, “Our team was pleased to negotiate the sale at list price and secure this record-low cap rate for our client.”
Carvana is a publicly traded e-commerce marketplace that connects buyers and sellers of used cars in the United States, allowing them to buy and sell vehicles from the convenience of their desktop or mobile device. Carvana is the second-largest used automotive retailer in the U.S. with operations in 146 markets.
The property is strategically positioned in the trade area, off the L B McLeod Road exit off Interstate 4, which sees 149,000 vehicles per day. The location benefits from strong demographics, with nearly 300,000 residents within five miles, with an average household income of $67,392. Nearby major attractions include Universal Orlando Resort just seven miles south of the property, plus SeaWorld, Epcot, Disney’s Animal Kingdom and the Orange County Convention Center all within 25 miles of the Carvana location.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
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Newmark Arranges $9 Million Sale of Single-Tenant Net Leased Carvana in Orlando, Florida
May 10, 2022 9:00 AM