Popeyes Louisiana Kitchen is coming to Cave Creek.
Located near the southeast corner of Cave Creek and Olesen roads, the sale of the 1-acre development opportunity was announced by real estate brokerage firm Marcus & Millichap.
According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, it sold for $800,000.
“The buyer rezoned the site to General Commercial (GC) for a Popeyes Louisiana Kitchen restaurant,” said Art Rullo, one of three investment specialists who had the exclusive listing to market the property on behalf of the seller, Douglass Burkhart.
“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.