Orion Real Estate Group recently closed on the acquisition of 41 Ruby Tuesday restaurant properties in 12 states, including Alabama, Florida, Georgia, Maryland, Minnesota, Missouri, Mississippi, North Carolina, Pennsylvania, South Carolina, Tennessee and Virginia. The deal, which is valued at$52 million, was a sale-leaseback transaction, in which Orion will lease the land back to Ruby Tuesday.
The seller, NRD Capital, is an Atlanta-based private equity firm that concurrently acquired Ruby Tuesday Inc. and its 596 restaurant locations on the same day as the Orion transaction. That sale takes Ruby Tuesday private and ends its reporting obligations as a publicly traded company.
While many other firms were large investment firms and publicly traded investment trusts, Orion was one of the few boutique real estate investment firms to acquire the casual dining chain’s locations from NRD.
“This transaction is a testament to the experience and hard work of our team, and our unique flexibility and creativity to pull together an exciting deal of this size,” said Chris Sanz, vice president of Orion. “Going forward, we will add value to these properties with active portfolio management.”
The team at Orion works with investors, developers, property owners and brokers through all phases of real estate transactions, from strategic planning and analysis to financing, negotiation, property management and disposition. For more information, call (305) 278-8400 or email firstname.lastname@example.org.