X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

MIAMI LAKES, FL-In separate, unrelated transactions, Miami Beach-based Terranova Corp. negotiated a 20-year ground lease for construction of a new Ruby Tuesday restaurant in the Miami Lakes Town Center Phase III project and, further south, sells a 1.7-acre outparcel at Flagler Park Plaza to a gas station operator.

The Ruby Tuesday ground lease is valued at just over $2.4 million. It will construct a 5,700-sf, 210-seat restaurant on the vacant parcel, joining Bucca de Beppo in Phase III of locally based Graham Cos.’ main street project in the heart of Miami Lakes. There are 744 Ruby Tuesday restaurants worldwide and approximately 16 in South Florida. Mindy McIlroy, Terranova’s director of leasing, represented Graham Cos. The tenant is RT South Florida Franchise LP.

Meanwhile, Hubert Chen of Terranova represented the owner in the sale of a 1.7-acre outparcel at the 350,000-sf shopping center in Miami-Dade County. The buyer, Gastion Inc./Victory Petroleum, paid just over $1.3 million for the vacant land and plans a gas station there. Terranova manages and handles leasing for the center, which is anchored by a Publix supermarket. Among the other tenants are Linens ‘n Things, Jo-Ann Fabrics and Office Depot.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.