NJ Fast Food Site Sold for $3M
- Jan 11, 2017
Saddle Brook, N.J.—Commercial real estate firm Marcus & Millichap recently announced the sale of a Popeyes site located in North Bergen, N.J.
The 15,000-square-foot net-leased property was sold for $2.67 million. Marcus & Millichap’s associate investment specialists Karly Iacono and Mike Stigliano negotiated the transaction on behalf of the seller, a private developer. The team also procured the buyer.
Located close to a plethora of retailers including Walmart, Target, Home Depot, McDonald’s, PetSmart and Dunkin Donuts, the property is ground-leased to Popeyes Louisiana Kitchen, a New Orleans-based chain of fast-food restaurants. According to a press statement announcing the sale, the site is currently under development, and a Popeyes restaurant is scheduled to open there later this year.
“We procured multiple offers at and above ask price soon after we began marketing the property,” said Stigliano. “Supply of quality net-leased assets is very low in the metro New York area. This is keeping demand high and maintaining the downward pressure on cap rates in the local market.”