Marcus and Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, has announced the sale of land in Cave Creek – a one-acre development opportunity. According to Ryan Sarbinoff, regional manager of the company’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 list to market the land at Cave Creek on behalf of the vendor, Douglass Burkhart. The property is located near the southeast corner of Cave Creek Road and Olesen Road in Cave Creek, Arizona.
The buyer has rezoned the site at General Commercial (GC) for a Popeyes Louisiana Kitchen restaurant, ”said Rullo. “The proposed addition of a new restaurant in this growing region of the North Valley has been well received by City Council as well as residents. However, this was a difficult development site due to the fact that multiple jurisdictions will be providing utilities. Additionally, COVID-19 has slowed down buyer’s due diligence efforts. After more than 15 months of escrow, the transaction closed in mid-May. The restaurant is slated to open in fall 2021.