CAVE CREEK, Ariz. – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a one-acre development opportunity located in Cave Creek, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $800,000.
Art Rullo, Michael E. Farrar and Ross Smith, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, Douglass Burkhart. The property is located near the southeast corner of Cave Creek Road & Olesen Road in Cave Creek, Arizona.
“The buyer rezoned the site to General Commercial (GC) for a Popeyes Louisiana Kitchen restaurant,” said Rullo. “The proposed addition of a new restaurant to this growing area of the north valley was well received by the town council as well as residents. However, it was a challenging development site due to the factor multiple jurisdictions will be providing utilities. Additionally, COVID-19 slowed the buyer’s due diligence efforts.” After over 15 months in escrow, the transaction closed in mid-May. The restaurant is expected to open in the fall of 2021.