CBRE has completed the sale of a single-tenant, AutoZone Ground Lease located at 3920 West Ray Road in Chandler, Ariz. The ±7,125-sq.-ft. retail property is situated on approximately 49,941 sq. ft. of land and commanded a sale price of $1,477,000.
Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller and buyer, Laguna Beach, Calif.-based Bergougnan Family Group, LLC and AG Brookfield, LLC of Bainbridge Island, Wash., respectively.
“This AutoZone Ground Lease sold for a 4.91 percent cap rate with only four years remaining on the lease,” said Fosberg. “The buyer was in a 1031 exchange and closed within two weeks of signing the contract.”
Andrew Fosberg and Joe Compagno, leading CBRE’s Retail Investment Properties group, have sold more than 50 properties since the beginning of 2015 for a total sales consideration of over $250 million.