CBRE Brokers $6.69M Sale of Two Ground Leases in Goodyear, AZ
CBRE recently facilitated the $6.69 million sale of two high-profile ground lease assets in Goodyear, Arizona, signaling continued investment interest in the West Valley’s retail corridor. The deal included two long-term ground leases: one occupied by Raising Cane’s and the other by Black Rock Coffee Bar—both located in front of Goodyear’s bustling Canyon Trails Towne Center.
These properties were purchased by California-based Elat Properties, known for targeting stabilized, income-producing commercial assets. The sellers, Scottsdale-based CIRE Equity, were represented by CBRE’s retail investment team, highlighting Arizona’s strength as a magnet for long-term, NNN-leased real estate.
Why Arizona?
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Explosive Growth in Goodyear – One of the fastest-growing cities in Arizona, Goodyear continues to attract national brands and commercial investment.
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Strategic Retail Placement – The assets are positioned along McDowell Road and Loop 303, two major commercial arteries with rising consumer traffic.
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Investor Confidence – The state’s landlord-friendly tax laws and economic development initiatives make Arizona a preferred ground lease market.
Key Considerations
| Factor | Notes |
|---|---|
| Property Type | Two NNN (Triple Net) ground leases with Raising Cane’s and Black Rock Coffee Bar |
| Location | McDowell Rd & Loop 303, Goodyear, AZ |
| Purchase Price | $6.69 million |
| Buyer | Elat Properties (California-based investment firm) |
| Seller | CIRE Equity (Scottsdale-based private equity real estate group) |
| Broker | CBRE – Joseph Compagno, Steve Julius, Jesse Goldsmith |
| Anchor Center | Canyon Trails Towne Center |
| Investment Appeal | Passive income with long-term leases in a booming submarket |
Bottom Line
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Solid Retail Anchors: Raising Cane’s and Black Rock Coffee are proven, traffic-driving tenants.
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Location Wins: Positioned in the fast-developing Goodyear corridor, these properties offer long-term value.
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Commercial Confidence in Arizona: High interest from out-of-state buyers reflects strong demand for Arizona’s NNN retail properties.
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Growth Signals: This sale reinforces West Valley’s role as a retail and lifestyle hub for new residents and developers alike.
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