Under the terms of the sale agreement, Rick's purchased all outstanding shares in Miami Gardens Square One Inc. and Stellar Management Corp., Tootsies' locally based owners, for $15 million in cash and $10 million in promissory notes, payable with monthly interest-only payments and a balloon payment of the principal due in three years. Rick's also assumed leases on all of the clubs' property that, with options, run through June 2034.

"We're keeping the name Tootsies Cabaret," a Rick's spokesman tells GlobeSt.com. "There's a lot of brand name equity in the club, and it does very well. We may, at some point, incorporate the Rick's identity into the name."

Tootsies, a multi-level club located at 150 NW 183rd St., has full restaurant service, three liquor bars, a 400-sf theater-like stage on the first floor, more than 30 plasma TV screens, 11 projection screens, a private champagne room and three private dance rooms. The VIP level includes five skybox rooms and other private dance rooms, including one in a replica of a New York City subway car. The property also includes more than five acres of outdoor parking and approximately 200 indoor parking spaces.