JLL Closes $2.5M Sale of a Ground-Leased Restaurant Near Fort Myers
Ruby Tuesday at Northpoint Shopping Center has prominent frontage along Pine Island Road
ORLANDO, October 28, 2019 – JLL announced today that it has closed the $2.5 million sale of a 1.46-acre, single-tenant parcel that is ground leased to Ruby Tuesday in the Fort Myers-area community of Cape Coral, Florida.
JLL marketed the property on behalf of the seller, ALTO Real Estate Funds. Paul B. Marino purchased the asset.
Ruby Tuesday is a casual American restaurant chain operating 487 locations in 41 states and 10 countries. Built in 2008, Ruby Tuesday is in Cape Coral’s dominant retail node with limited casual dining competition surrounding its location in front of Northpoint Shopping Center, which is home to Aldi, Bed Bath & Beyond, Michaels, PetSmart, Five Below and two more shadow-grocers, Publix and BJ’s Wholesale Club. Situated on 1.46 acres at 1851 NE Pine Island Road, the restaurant is in a rapidly growing market in southwest Florida. The property is visible to approximately 29,900 vehicles per day from its location along one of Cape Coral’s most heavily trafficked roads. More than 57,500 residents earning an average annual household income of $63,250 live within a three-mile radius.
The JLL Capital Markets team that represented the seller was led by Senior Managing Director Brad Peterson and Director Michael Brewster along with Managing Directors Luis Castillo and Marc Mandel and Director Steve Schrenk.
“Ruby Tuesday is prominently positioned in front of the market-dominant Northpoint Shopping Center, fronting three grocery stores on the north side of Pine Island Road.” Brewster said. “The long-term lease with Ruby Tuesday and high inherent land value provided an ideal investment opportunity for the buyer.”
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
About ALTO Real Estate Funds
ALTO Real Estate Funds is a series of closed end investment funds specializing in value-add commercial real estate across the U.S. Established in 2010, ALTO is managed from Dallas and with regional offices in New Jersey and Tel Aviv. ALTO’s investments provide a stabilizing component to portfolios, combining low risk profiles with a value-add approach, to target an attractive annual yield and stable cash flow. The management team works closely with a network of experienced industry contacts to identify solid investment opportunities. ALTO consistently demonstrates a strong and solid track record and consequently maintains a loyal investor base. To date, ALTO has invested in 62 properties, with a value of $1.2 billion and representing approximately 12 million square feet. For further information, please visit alto-investments.com, or follow and connect with ALTO on LinkedIn, Facebook and Twitter.
About Paul B. Marino
Paul B. Marino is a real estate investor and owner of PMJ Coins LLC, a numismatic dealer located on Long Island, New York. In the beginning, the company operated solely as a wholesaler, doing business only with other coin dealers. Then the company began its retail business, selling directly to the coin collector. For the past 16 years, PMJ has become the coin dealer to go to when looking for premium quality certified coins at the best possible price. PMJ carries coins certified primarily by PCGS, NGC and ANACS. The company is also an authorized PCGS, NGC and NCS dealer. In addition, PMJ COINS is a member of the Certified Coin Exchange and Collectors Corner. To learn more, visit pmjcoins.com.