Faris Lee Triple Net Buy Sees Lowest Florida Cap Rate Since 2008

JACKSONVILLE, FL—In a move that demonstrates an appetite for well-located single-tenant properties, Faris Lee Investments has snapped up a building that’s home to Ruby Tuesday for $2.3 million. The property was a triple-net leased free standing building.

Matt Mousavi and Rich Walter of Faris Lee Investments represented the seller, Tennessee-based Ruby Tuesday, as well as the cash buyer, New Jersey-based Schiff Enterprises. The closing cap rate was 6.88%—the second lowest for a non-fast food restaurant in Florida since Aug. 2008, according to Costar. It’s also the lowest cap rate for a non-fast food restaurant achieved in Duval County since April 2008.