White Castle Ground Lease
1420 North Bullard Avenue, Goodyear, AZ 85338, United States
The Offering

- Single-tenant White Castle drive-thru investment opportunity, featuring a new 12-year absolute triple-net (NNN) ground lease with 10% rental increases in year six and at each option.
- Founded in 1921, White Castle was America’s first fast-food hamburger chain. White Castle now has more than 340 restaurants in 14 states and has sold over 29 billion sliders.
- The Property features a double drive-thru lane for high traffic volume.
- The Property is located at a heavily traveled intersection with ±54,469 VPD and is just north of the I-10 Freeway with ±231,748 VPD (Source: ADOT, 2023).
- RED Development, in partnership with Globe Corp. is building GSQ, a 150-acre mixed-use development set to transform Goodyear as the city’s premier cultural hub featuring a variety of dining, retail, residential, office, hotel, and entertainment offerings. Prominent retailers include Trader Joe’s, Fogo De Chao, Lulu Lemon, Nordstrom Rack, Sephora, J. Crew, Pandora, and many more. GSQ is located at the northwest corner of the intersection.
- The Property is located down the street from the new Goodyear Civic Square, which includes a state-of-the-art city hall, two-story library, and a two-acre community park for food trucks, fairs, concerts, and more.
- The City of Goodyear is in the planning stages of developing a 130-acre sports complex just north of the I-10 south of McDowell Rd on the east and west side of Litchfield Rd, which is minutes away from the Property. This sports center will feature 15 soccer and multi-use turf fields, 48 pickleball courts, walking trails, parking, bathrooms, maintenance facilities, and water storage.
- This location boasts strong demographics with an average household income of ±$139,200 in a 1-mile radius and a total population of ±91,079 in a 3-mile radius (Source: Esri).
- Goodyear is a hub for technology, manufacturing, and logistics. In the last few years, the city has welcomed 22 new manufacturing or logistics companies totaling 6.5M SF and creating 2,300 jobs in the local economy.
- Buc-ee’s, the world’s largest convenience store, recently acquired 24 acres on the southeast corner of Bullard Ave and Interstate 10 (±2 minutes from the Property) for $17,246,990. This site will feature a 74,000 square-foot convenience store with 120 fueling stations.
Property Details

Tenant Overview
White Castle has a rich history that reflects its pioneering role in the fast-food industry. It was established in 1921 when Billy Ingram and Walter Anderson sought to create an affordable and convenient dining option for customers. The first restaurant was designed to be a small, efficient operation that could quickly serve customers, and the iconic square-shaped burgers, known as sliders, were introduced to differentiate the brand from traditional round burgers.
The chain's marketing strategies also played a significant role in its growth. White Castle was among the first to use mass marketing techniques, including radio ads and television commercials, to promote its products. This helped to solidify its brand identity and attract a loyal customer base.
Throughout the decades, White Castle has expanded its menu to include a variety of items, such as chicken sliders, fish sliders, and breakfast options, catering to various tastes and dietary preferences. The company has also embraced the trend of plant-based eating by introducing the Impossible Slider, a meatless option made with plant-based ingredients.
As of now, White Castle operates about 340 locations across 14 states, including iconic locations in New York City that have become popular for their late-night service. The chain has also ventured into frozen foods, allowing fans to enjoy its sliders at home. White Castle continues to be a beloved brand with a loyal following, celebrating its legacy as a trailblazer in the fast-food industry.

Pricing Summary
Address | 1460 N Bullard Ave |
List Price | $3,556,000 |
Cap Rate | 4.50% |
Annual Rent | $160,000 |
Year Built | 2024 |
Rentable SF | ±4,037 SF |
Parcel Size | ±35,975 SF (±0.83 Acres) |
Parcel Number | 500-10-710AB |
Market

Goodyear, AZ
Goodyear, Arizona, located approximately 20 miles west of downtown Phoenix, is one of the fastest-growing cities in the United States. There’s no question - Goodyear is booming with growth. The city's population has grown more than 15% in the past four years. With that growth comes more restaurants, shopping and job options in the city than ever before.
Economically, Goodyear has a diverse landscape. The city is home to several major employers, including the Goodyear Tire and Rubber Company, which operates a large manufacturing facility. Other significant sectors include healthcare, with organizations like the Banner Health system, retail businesses, and logistics, benefitting from its proximity to major highways (I-10 and I-303). The city has worked to establish a business-friendly environment, offering incentives for companies to set up operations in the area.
In terms of development, Goodyear has experienced substantial residential growth, with numerous master-planned communities such as Estrella and Palm Valley. The city has also focused on enhancing its commercial infrastructure, including the development of shopping centers like the Goodyear Marketplace and the Estrella Falls shopping complex. Furthermore, Goodyear has invested in community amenities, including parks, recreational facilities, and schools to support its expanding population. The city's strategic planning aims to balance growth with quality of life, ensuring that residents have access to essential services and recreational opportunities. Overall, Goodyear is characterized by its dynamic growth trajectory, economic diversity, and commitment to community development. (Source:goodyearaz.gov)