BRC Advisors Closes Record Number of Deals in 60 Days: Nearly $225 Million in Total Transactions

Los Angeles, CA (PRWEB) August 03, 2012

BRC Advisors (http://www.brcadvisors.com), a leading commercial real estate brokerage firm in Southern California, proudly announces its 60-day record of nearly $225 million in total transactions. These deals, which cover a multitude of retail, multifamily, office and specialty properties, represent a series of successes for the firm, its partners and clients throughout Los Angeles, Beverly Hills, the San Fernando Valley, Las Vegas and elsewhere.

Los Angeles, CA (PRWEB) August 03, 2012

BRC Advisors (http://www.brcadvisors.com), a leading commercial real estate brokerage firm in Southern California, proudly announces its 60-day record of nearly $225 million in total transactions. These deals, which cover a multitude of retail, multifamily, office and specialty properties, represent a series of successes for the firm, its partners and clients throughout Los Angeles, Beverly Hills, the San Fernando Valley, Las Vegas and elsewhere.

“The last 60 days represent a milestone for BRC Advisors, both in the number of deals and the cumulative value of these transactions. These achievements further distinguish us as a firm of versatility and resourcefulness, particularly in an economy where our principal competitors continue to face several challenges. In contrast, BRC Advisors has the presence – and credibility – to work with a diverse array of clients who share our principles: industry expertise, accessibility, consistent success, and longstanding relationships with landlords, tenants, property managers and financial institutions. As we open new offices and attract more investors, we expect the next 60 days to be another period of robust activity,” says James Huang, Founder and Partner of BRC Advisors.

A Conservative and Disciplined Approach: BRC Advisors in Action
BRC Advisors applies a conservative and disciplined approach to its management. “Our emphasis on value, quality and comprehensive knowledge of the marketplace is critical to our success. BRC Advisors symbolizes this approach and allows individuals to be a part of our acclaimed leadership. That philosophy distinguishes our achievements, earning us respect and admiration from our peers and journalists nationwide,” says Rich Enderlin, Managing Partner of BRC Advisors.

About BRC Advisors
Headquartered in Los Angeles, BRC Advisors combines over 30 years of brokerage and advisory experience within a strategically aligned network of programs. With its dedication to training and innovation, BRC Advisors is competitive in all market conditions and changing circumstances.
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Ten Ruby Tuesday Properties Change Hands for $22M

By Natalie Dolce

IRVINE, CA- Faris Lee Investments has completed the sales of 10 properties occupied by Ruby Tuesday restaurants for a total of $22 million. We also learned that the properties are all located in strong locations, include new, NNN absolute 15-year lease terms and annual rent increases, and were sold at record-breaking cap rates.

Six properties were sold for $12.8 million to a private investor from Southern California. The properties included: a 4,645-square-foot location at 110 Pooler Pkwy. in Pooler, GA; a 5,655-square-foot location at 1410 Old Springdale Rd. in Rock Hill, SC; a 4,658-square-foot property at 7400 Northside Dr. in North Charleston, SC; a 4,959-square-foot property at 210 NC Highway 54 in Durham, NC; a 5,097-square-foot property at 145 Commonwealth Ave. in Wytheville, VA; and a 5,084-square-foot location at 111 Burgess Rd. in Harrisonburg, VA.

Two of the properties were sold to individuals and include a 4,959-square-foot location at 7425 Bell Creek Rd. in Mechanicsville, VA, which sold for $1.993 million; and a 5,654-square-foot property at 6601 S. Van Dorn St. in Alexandria, CA for $2.09 million.

Matt Mousavi, director with Faris Lee Investments, represented the seller, Knoxville, TN-based Ruby Tuesday Inc. In December 2011, Faris Lee had been named the exclusive broker to market a portfolio of properties occupied by Ruby Tuesday throughout the Eastern US.

Mousavi tells GlobeSt.com that with regards to their intent to sell, “They were inclined to sell to improve the health of their balance sheet, and to raise cash proceeds for overall flexibility. This could potentially include the repayment of outstanding debt obligations, opportunistic share repurchases, and capital for other corporate needs.”

According to Mousavi, 23 of the properties have now sold or are currently in escrow. The properties were “selectively and strategically rolled out to the market and are garnering cap rates under 7%--record pricing for this type of credit,” according to Mousavi. All of the sales and current escrows have been within 4% of list price, most within 2.5% of list price. Many sales have also set cap rate records for the lowest cap rates achieved in their respective markets for a sit-down restaurant investment within the last three years, according to Mousavi.

Mousavi explains that net leased properties like these assets are in high demand as they provide an investor “the ability to achieve a stable and passive return on investment with minimal or no management responsibilities.” He adds that “The opportunity to achieve these strong returns combined with the security of owning a hard asset, and in this case with a publicly traded company as the tenant, has attracted a diverse buyer base, many of which are first time single-tenant asset buyers.”  

Mousavi tells GlobeSt.com that the other two properties “were sold to one all cash, non-1031 CA investor, Mare Living Trust, at a low cap rate of 6.85%.” The $2.1 million/6.85% cap rate was for one property in Rehoboth Beach, DE, and the other included a property in Greensboro, NC which sold for $2.79 million at a 6.85% cap rate. “The cap rate achieved on these is extremely aggressive,” adds Mousavi. 

“We've had incredible success with the marketing campaign and execution of our Ruby Tuesday properties. Although there has been significant interest from public and private REITs and net leased funds, our target market has been high net worth private investors, particularly out of California and New York,” Mousavi says.

Mousavi explains that his team, along with Ruby Tuesday, crafted a strategy designed to “maximize the value by selling the assets individually to a large buyer pool of smaller investors at market rates, as opposed to the entire portfolio being sold to one institutional-type buyer who would expect discounted portfolio pricing.”

Categories: West, Retail, Acquisitions/Dispositions, Net Lease, Orange County

http://www.globest.com/news/12_373/orangecounty/retail/Ten-Ruby-Tuesday-Properties-Change-Hands-for-22M-322445.html