A 2,265-SF Net-Leased Popeyes Site Sells for $2.7 Million in Tallahassee, FL

 Popeyes Louisiana Kitchen, 2996 Apalachee Parkway
 Tallahassee, FL

TALLAHASSEE, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a Popeyes Louisiana Kitchen, a 2,265-square foot net-leased property located in Tallahassee, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office.

Debra L. Franklin

The asset sold for $2,576,324.

Justin R. Sturdivant

The Popeyes is located at 2996 Apalachee Pkwy in Tallahassee, FL.  It is a brand-new construction restaurant with a 15-year, absolute triple-net lease in place with one of the largest operators of Popeyes in the Southeast.

“Our team is delighted to continue to represent the Popeyes brand as it solidifies its presence in the Southeast, supporting its growth strategy into new markets,” said Debra L. Franklin, head of the firm’s Restaurant Real Estate Specialist Team (‘RREST’).

Steven Garthwaite

Debra L. Franklin and Justin R. Sturdivant, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, one of the nation’s leading single-tenant real estate developers. 

The buyer, a limited liability company, was secured and represented by Steven Garthwaite and Derrick Dougherty, investment specialists in Marcus & Millichap’s Philadelphia office.

Derrick Dougherty

 Financing was arranged by Stephen Filippo of Marcus and Millichap’s Capital Corporation. A loan was sourced with a 15 year fixed rate at 4.96% and a 25 year amortization providing long term stable cash flow.

 “The buyer chose this asset due to the premier location within the submarket and strong operator backing the lease. We are very excited for the client and believe he acquired a best in class asset.” said Garthwaite.

Stephen Filippo

CONTACTS:

Scott Lunine

Vice President / Regional Manager, Miami

(786) 522-7000

Daniella Aragon
Marketing Coordinator
Marcus & Millichap 5201 Blue Lagoon Drive Suite 100 Miami, FL 33126 (786) 522-7000 main (786) 454-0094 mobile (786) 522-7010 fax daniella.aragon@marcusmillichap.com

www.MarcusMillichap.com