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10/21/25
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A single-tenant ground lease property in Tempe was purchased for $6 mil by an Arizona-based investor in an all-cash deal. The property, located at 1160 East University Dr, features a brand-new 15-year corporate absolute triple-net (NNN) ground lease with Chick-fil-A.
Situated within walking distance from Arizona State University, the building features Chick-fil-A’s new double drive-thru prototype with walk-up windows. The property benefits from excellent visibility and frontage on University Dr and is surrounded by major student housing and mixed-use developments.
CBRE’s Benjamin Farthing and Owen Littrell represented the seller, Launch Development Group, in the transaction. The deal has a cap rate of 4.15%.
“This transaction highlights the strength of the Arizona market, specifically Tempe, and the enduring appeal of net leased assets backed by top tier tenants like Chick-fil-A,” said Farthing. “The property’s trophy infill location at the heart of Arizona State University’s Tempe campus, the absolute triple-net (NNN) lease structure, and the tenant profile made this a highly attractive investment opportunity and a very competitive marketing process.”
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