CBRE Completes Sale of AutoZone Ground Lease at a 4.22% Cap Rate in Gilbert

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PHOENIX, ARIZONA– CBRE has completed the $1.35 million sale of a single-tenant AutoZone ground lease located at 6278 South Higley Road in Gilbert, Ariz. The 7,370-square-foot building is located within Chandler Heights Village shopping center on Higley and Chandler Heights roads.

Joe Compagno of CBRE’s Net Lease Property Group in Phoenix represented the seller, Arizona-based STF Retail Partners 1, LLC, and the buyer, Honggie Kim, a California-based private investor.

“The buyer entered escrow while the property was still under construction and three months ahead of the tenant opening for business,” said CBRE’s Compagno. “This shows strong demand for the single tenant triple-net market, which we expect will see even greater demand moving forward.”

The property is located in Gilbert, Ariz, one of the fastest-growing cities in the United States with over 58,000 new residents since 2019 (Source: Esri), and is located down the street from the upscale community, Seville, which includes the Seville Golf & Country Club, over 9,000 homes built between 2002 and 2019, and numerous other family-oriented amenities.

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