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Uber Founder Turns Real-Estate Mogul for Ghost Kitchen Startup

News Link:Uber Founder Turns Real-Estate Mogul for Ghost Kitchen Startup

Travis Kalanick’s CloudKitchens rents out delivery-only kitchens, which have gained popularity after the coronavirus pandemic closed restaurants.

Analysis shows entities tied to Travis Kalanick spent more than $130 million on property acquisitions for CloudKitchens.

The former chief executive of Uber Technologies Inc. has been quietly assembling a mini real-estate empire over the past two years, acquiring closed restaurants, auto-body shops and warehouses for use in his new ghost kitchen venture.

Entities tied to Travis Kalanick’s CloudKitchens, a startup that rents out space to businesses that prepare food for delivery, have bought more than 40 properties in nearly two dozen cities for more than $130 million, according to a review of public property and corporate records and data from the commercial real-estate database Reonomy.

The analysis linked various limited-liability companies that own the properties to business addresses of CloudKitchens’ parent, City Storage Systems LLC, and to its senior leaders. These acquisitions include buildings from Portland, Ore., and Las Vegas to Columbus, Ohio, and Nashville.

While real-estate brokers said they were aware that Mr. Kalanick’s firm had been in the market, the extent and value of his investments has never been reported. The amount invested in real estate makes him an outlier in startups.

Compiled by – MK (Editor)

Read more news at Business Segment

News Link:Uber Founder Turns Real-Estate Mogul for Ghost Kitchen Startup

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