Marcus & Millichap closed the sale of a Ruby Tuesday ground lease, a 5,743-square-foot net-leased property in Sterling Heights, Michigan. The asset sold for $1.05 million.
Ashish Vakhariya, Darin Gross and Seth Haron, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of the seller, a REIT.
Ruby Tuesday is located at 35500 Van Dyke Ave. in Sterling Heights. Ruby Tuesday was dark at the time of sale, but the property still held strong value because of its location. The property is adjacent to several new commercial developments, including a $12 million headquarters for Christian Financial Credit Union.
The property also benefits from excellent visibility and frontage on Van Dyke Road, which sees more than 51,000 vehicles a day.
