IRVINE, CA, Feb. 21, 2013 – After successfully marketing and
selling 28 Ruby Tuesday properties totaling approximately $65 million on behalf
of Ruby Tuesday, Inc. (NYSE: RT), Faris Lee Investments, the nation’s largest
retail-specialized investment advisory firm, has been engaged once again to
sell an additional 20 properties valued in excess of $60 million.
In
December 2011, Faris Lee was selected to market a first phase of properties
occupied by Ruby Tuesday restaurants.
 |
| Matt Mousavi |
Since taking the assets to market, Faris
Lee has now completed phase one with all 28 properties sold. This
accomplishment marks the largest sale-leaseback offering by a publicly traded
restaurant operator to the private marketplace ever.
“Faris Lee was able to execute on the first 28-property offering at
record-breaking cap rates never achieved in many of the markets where these
properties were located,” said Matt Mousavi, managing director of Faris
Lee Investments who represented Ruby Tuesday, Inc. as well as the majority of
the individual buyers on the transactions.
 |
| Rick Chichester |
“As opposed to selling the properties in a portfolio
scenario, Faris Lee employed the strategy to sell the properties individually
which insulated value and provided access to the seller to the vast
private-market net leased buyer pool, resulting in higher proceeds per unit for
the seller, and cap rates 200 basis points below the institutional buyer for
the same offering.”
“This
assignment has been incredibly successful,” said Rick Chichester, president
and COO of Faris Lee Investments. “Faris Lee has been able to raise a
substantial amount of liquid capital for Ruby Tuesday, Inc. This has
strengthened the company's balance sheet and provides the company with the
capital for opportunistic share repurchases, to expand their store base,
re-structure debt and make acquisitions.”
For a complete copy of the company’s news release, please
contact:
Darcie Giacchetto
Spaulding Thompson & Associates
949.278.6224
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