Marcus & Millichap arranges sale of one acre land in Cave Creek

Commercial real estate firm sell site of land for over $800000

Leading commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services Marcus & Millichap announced on May 20 the sale of a one-acre development opportunity located in Cave Creek.

According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $800000. The property is located near the southeast corner of Cave Creek Road & Olesen Road in Cave Creek, Arizona.

Investment specialists in Marcus & Millichap’s Phoenix office Art Rullo, Michael E. Farrar and Ross Smith had the exclusive listing to market the property on behalf of the seller, Douglass Burkhart.

  “The buyer rezoned the site to General Commercial for a Popeyes Louisiana Kitchen restaurant,” said Mr. 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.