March 2, 2020 – Luke Thompson of Horvath & Tremblay has successfully completed the sale of Ruby Tuesday in Litchfield, Illinois. Horvath & Tremblay procured the 1031 exchange buyer to complete the transaction at a sale price of $2,162,000.
The Ruby Tuesday is located at 7 Corvette Drive in Litchfield, Illinois. The stand-alone building consists of 4,022 square feet and sits on 1.72 acres of land. Ruby Tuesday has 18 years remaining on a corporately backed, absolute triple net (NNN) lease with four, 5-year options. The lease features 10% increases every five years throughout both the current term and the option periods. Ruby Tuesday is strategically positioned near the Holiday Inn and Hampton Inn, giving the store a direct consumer base from which to draw. Additionally, the property has convenient on/off access to Interstate 55 and is just off of State Highway 16 which is a dense retail corridor.
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.