Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of land in Cave Creek — a one-acre development opportunity. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $800,000.

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Art Rullo, Michael E. Farrar and Ross Smith, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the land in Cave Creek 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.