PHOENIX, AZ – Phoenix-based, net lease real estate platform, Fundamental Income has acquired a 75-acre facility in Tolleson, AZ, from the e-commerce platform, Carvana, in a $50 million transaction.
The acquisition represents Fundamental Income's first deal on its $500 million net lease platform, backed by Brookfield Asset Management. The firm received the initial equity commitment from a fund managed by Brookfield Asset Management in April.
Carvana will lease the vehicle inspection center back from Fundamental Income, and will continue its operations in utilizing the property as a reconditioning and photography facility for vehicles that are retailed on Carvana.com.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
