Goodyear restaurant sites sell for $6.69M

Two newly built restaurant properties in Goodyear have sold for a combined $6.69 million, commercial real estate firm CBRE announced July 28.

The parcels, at 1420 and 1460 N. Bullard Ave., are ground-leased to White Castle and Bubba’s 33, respectively. CBRE’s Benjamin Farthing and Owen Littrell represented the seller, Tradecor Partners Goodyear LLC. Each site was acquired by a different West Coast-based private capital investor through a 1031 exchange.

“These sales reflect the continued demand for well-located, corporate-backed net lease assets in high-growth markets like Goodyear,” said Farthing. “The proximity to transformative developments like the 150-acre mixed-use GSQ project and Buc-ee’s new Arizona location made these properties especially attractive to investors.”

The Bubba’s 33 site at 1460 N. Bullard Ave. sold for $3.488 million at a 4.87% cap rate. The 1.73-acre parcel features a 7,500-square-foot restaurant under a new 15-year absolute triple-net ground lease. The location is adjacent to the recently opened Goodyear Civic Square and just south of a new QuikTrip.

White Castle’s Goodyear restaurant, located at 1420 N. Bullard Ave., sits on nearly 1 acre and includes a double drive-thru. The site sold for $3.2 million at a 5% cap rate. This is the third White Castle location in the Valley.

The restaurants are between Interstate 10 and McDowell Road, within a developing corridor that continues to attract national tenants and major investments.

Farthing said investor interest in Goodyear remains strong, particularly as the city’s economic development momentum continues.