February 21, 2018 – Bob Horvath, Todd Tremblay, and RJ Tuller of Horvath & Tremblay have successfully completed the sale of Ruby Tuesday in Jacksonville, Florida. Horvath & Tremblay represented the 1031 exchange buyer to close the property for a sale price of $2,590,000.
Ruby Tuesday is ideally positioned along Monument Road with excellent visibility and access. The site is exposed to strong traffic counts of 33,300 vehicles per day along Monument Road and 58,000 vehicles per day along Interstate 295. Ruby Tuesday has approximately 9 years remaining in their current lease term with (4), five-year option periods. The lease features rare 2% annual increases throughout the initial term and option periods. Ruby Tuesday operates under a corporate guaranteed triple net lease with zero landlord responsibilities. The tenant recently completed extensive renovation of the interior and exterior of the building in December of 2016 demonstrating commitment to this location.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.