Police said eight men entered the store just before closing at about 8:30 p.m. on Tuesday night and made off with about $32,000 worth of phones.
The group fled in two separate vehicles, a gray Dodge Challenger and black Mercedes-Benz sedan.
The Challenger was stopped by police and five men inside were arrested. Police found 22 of the 38 phones inside the vehicle.
Investigators were working to identify the remaining 3 to 5 suspects, who remain outstanding.