Carvana Leases 4.5 Acres in Baltimore to Expand Northeast Operations
By Keith Loria June 18, 2021 3:35 pm
reprints
Online car dealer Carvana has signed a lease for 4.5 acres at 4901 Holabird Avenue in Baltimore, Md., and will use the site to stage and prep cars before delivery to customers.
Neither the rent nor the length of the lease were revealed. Carvana has already started moving into the space and is targeting next week to be operable.
The property includes a 20,000-square-foot maintenance facility and a parking lot for more than 400 vehicles. The site is fully paved and fenced in.
Joint venture owners Elberon Development Group and The Avidan Group acquired the property in December of 2020.
“We like this type of site because it’s low coverage — a smaller building on a fully paved site,” Terry Armstrong, Elberon Development Group’s senior vice president of leasing and acquisitions, told Commercial Observer. “It worked well for Carvana, because it could stage vehicles and use the maintenance facility to do some prep work, and also has great visibility from I-95.”
The former owner, a private equity group, had already started making capital repairs when the joint venture acquired it, so it already had a new roof and new mechanicals.
“When we came in, we finished the parking lot repairs and fencing and some other typical capital repairs,” Armstrong said.
The site is located less than a mile from the Port of Baltimore and offers direct access to I-95. This marked the first property in Baltimore for the two Elizabeth, N.J.-based companies.
“Here in Elizabeth, the majority of our portfolio is port-related, so for this to be a site in Baltimore that was port-related made it appealing to us,” Armstrong said. “With the pricing going on in New Jersey, we felt it was a good time for us to start looking outside our market.”
Brian Siegel, senior vice president of Colliers’ Baltimore office, represented both sides in the deal.
