An entity tracing to Andy and Phyllis Chen acquired the Andy's Frozen Custard property at 1545 W. Elliot Road for $3.13 million June 9 from an entity tracing to South National Development Company, according to commercial real-estate website vizzda.com.

The approximately 1,275-square-foot fast food restaurant is in a single-story, single-tenant building built in 2024 on 0.76 acres zoned shopping center by the town of Gilbert. It includes a single-lane drive thru  and 18 parking spaces, including 1 handicapped space.

Tenant "Southwest Frozen Custard" commenced an "Absolute NNN" lease, making the tenant responsible for all repairs and improvements, on Jan. 9, 2024. The lease has four five-year options to renew and expires Jan. 31, 2044. 

There was no debt recorded with the sale. The offering memorandum indicated the net operating income is $217,389, which results in a cap rate of 6.96% at this sale price.