Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today 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. The asset sold for $2,576,324.

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’).

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. 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 Steven Garthwaite.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com