CHICAGO, ILLINOIS (January 30, 2023) — Northmarq’s Isaiah Harf, managing director, arranged the sale of a built-to-suit property leased to Popeyes located at 320 North Beacon Boulevard in Grand Haven, Michigan. Harf represented the seller and owner based in Illinois. A New York-based private investor acquired the asset for approximately $3.1 million.
“Along Beacon Boulevard, just south of Home Depot in downtown Grand Haven (a wonderful city along the western coastline of Michigan) sits a new construction Popeyes, which we marketed and sold very quickly relative to the current marketplace,” said Harf. “Driven by a purchaser’s 1031 exchange, we were able to strike while the iron kettle was hot and serve up a few spicy chicken sandwiches.”
The property features Popeyes’ newest prototype design and high-quality construction standards. Located in a dense retail corridor, the building has outstanding access and visibility from Highway 104 and 31 and Muskegon, Grand Rapids, and other surrounding areas. Neighboring tenants include The Home Depot, Walgreens, Dollar Tree, Starbucks, and more. The tenant operates on a long-term absolute net lease.