February 2008

  • Feb
    25

BTB Exclusive – The future of Hme Depot Landscape Supply

February 25, 2008

BTB Exclusive – The future of Hme Depot Landscape Supply
February 25, 2008
By Bobby
L. Hickman – Business to Business

Ram Realty Services, the Florida-based developer, has jump-started its entry into in the Atlanta market through its $22 million acquisition Home Depot’s entire Home Depot Landscape Supply (HDLS) portfolio earlier this month.

Ken Baye, senior vice president of development with Ram Realty Services, said Ram purchased all the former HDLS store properties, which were located in Atlanta and Dallas. “This was an opportunity to buy an entire portfolio of 11 solid suburban sites at one time,” Baye told Business to Business . “We bought the portfolio more for the land value and redevelopment opportunity.”

He said Ram plans to resell the six Dallas store sites and redevelop some Atlanta sites as new retail centers. In Snellville, Ram has a contract for 4-1/2 acres adjacent to 6-1/2-acre HDLS site on Janmar Road. “That provides about an 11-acre site for development in a section of Snellville that has become a very strong retail area.” He added a number of retailers are interested in the planned development.

There are four other metro Atlanta sites in Duluth, Kennesaw, Smyrna and Woodstock. Baye said Ram could redevelop two or three of those, and would most likely sell the rest to other parties. “We have some interest from a particular retailed in two of the sites, but I’d rather not say which ones because we haven’t finalized anything yet,” he said. “We’re keeping our options open. There is a lot of interest in all the sites; we’ll decide on what strategies to pursue based on that interest.”

Home Depot’s original strategy with the HDLS concept makes these properties particularly valuable, Baye noted. “When Home Depot developed these sites five to seven years ago, Home Depot’s concept was to put them in the path of development. With Atlanta’s growth the last few years, those areas are now in the midst of development rather than on the edge. So they provide a good opportunity for a number of different players – retailers and developers – as in-fill suburban sites.”

Ram is a relatively new player to the area, with Baye opening the Atlanta office last year. The company’s first local project is redeveloping the former Home Depot Expo site in the Lindbergh area as a mixed-use development with multi-family housing. “We’re excited about opening the Atlanta office, and look forward to developing additional properties in the Atlanta market,” he said. “Obviously, the five HDLS sites have accelerated our development opportunities in Atlanta.”

Copyright © 2007 Trans World Publishing, Inc. All Rights Reserved

  • Feb
    18

Residences at Midtown in Palm Beach Gardens, Fla., Receives CO for Two Buildings; First Residents Have Moved In

February 18, 2008

Residences at Midtown in Palm Beach Gardens, Fla., Receives CO for Two Buildings; First Residents Have Moved In
February 18, 2008
FOR IMMEDIATE RELEASE

Contact:
Marichelli Heredia
Thorp & Company
305.446.2700
mheredia@thorpco.com

Residences at Midtown in Palm Beach Gardens, Fla., Receives Certificate of Occupancy for Two Buildings; First Residents Have Moved In

Palm Beach Gardens, Fla., Feb. 18, 2008 – Ram, a leader in real estate development and acquisitions, today announced that it has received its certificate of occupancy for two of its condominium buildings at the Residences at Midtown in Palm Beach Gardens, Fla. The first condo owner has moved in.

The residences in the two, four-story buildings range from 733 to 2,030 square feet. There are two more residential buildings: another four-story building and a two-story building located above the retail shops of Main Street. Ram expects the units in these two additional condominium buildings to be completed the end of February 2008.

“Interest in our models continues to be strong and we have contracts on many units,” said Casey Cummings, president of Ram. “Buyers are telling us that they like the residences’ convenience and design, and they love the location – each of these condos offers easy access to Midtown’s shops and restaurants. Now that the units are available to be moved into upon purchase, we expect interest to increase.”

Midtown is a village-like, mixed-use community with all the convenience and style of urban living. Located on PGA Boulevard between I-95 and the Florida Turnpike, the project consists of 225 luxury condominiums priced from $200’s to $600’s, 97,000 square feet of high-end retail, restaurant and office space, a 500-seat cultural center and a 350-seat banquet hall.
About Ram

Founded 30 years ago, Florida-based Ram pursues the acquisition, development, and redevelopment of commercial, multifamily and mixed-use real estate throughout the Southeast, with a focus on the major markets in Florida, Georgia and the Carolinas. Ram’s development pipeline now exceeds $750 million, to be funded through the recently launched Ram Realty Partners II. In addition to its development activity, Ram acquires existing assets and portfolios where it can add value. Ram has offices in Fort Lauderdale and Tampa, FL, Raleigh, NC, and Atlanta, GA, with its corporate office in Palm Beach Gardens, FL. For more information, visit www.ramrealestate.com.
-30- Editor: Photographs for the Residences at Midtown available upon request.

  • Feb
    18

Home Depot sells stores

February 18, 2008

Home Depot sells stores
February 18, 2008
By Betty Dillard – Fort Worth Business Press

A Florida-based developer, Ram Realty Services, has acquired Home Depot Inc.’s six Metroplex and five Atlanta-area Landscape Supply stores for $22 million.

Home Depot announced in September 2007 that it would close its chain of landscape stores, which were acquired in 2002.

Ram said it is deciding which of the sites will be sold off and which will be redeveloped. The company said the Texas sites would likely be sold.

Mike Folio, principal with Corporate Property Dispositions LLC and former senior vice president of real estate for Home Depot, handled the deal for Home Depot. The buyer was represented by Ken Baye.

  • Feb
    11

Ram Takes Home Depot’s Closed Landscape Supply Stores for $22M

February 11, 2008

Ram Takes Home Depot’s Closed Landscape Supply Stores for $22M
February 11, 2008
By Sasha
M. Pardy – CoStar Group

In September 2007, Home Depot announced the closing of its entire chain of Landscape Supply stores, which includes five Atlanta-area stores and six Dallas-area stores.

On Feb. 6, 2008, Palm Beach Gardens, FL-based developer, Ram Realty Services, said it had purchased all 11 stores, aggregating 74 acres, from Home Depot for $22 million.

Ram is currently evaluating the portfolio to determine which sites will be sold to other users. As Ram is a southeast firm, it says the Dallas sites will likely be sold off; but the Atlanta area sites will likely be redeveloped.

Mike Folio, principal with Corporate Property Dispositions, handled the deal for Home Depot. Mike Folio, principal with Corporate Property Dispositions, handled the deal for Home Depot.

Home Depot acquired the stores in 2002 as a small format store designed to serve local and professional customers; the closures, the company explained, were being done to drive resources to its core operations.

  • Feb
    8

Real estate firm buys Home Depot’s landscape stores

February 8, 2008

azcentral.com
The Associated Press

ATLANTA – A Florida real estate development and acquisitions firm said Wednesday it has bought The Home Depot Inc.’s 11 Landscape Supply stores for $22 million.

Palm Beach Gardens, Fla.-based Ram Realty Services said in a statement that it is evaluating the portfolio to determine which of the sites will be sold and which will be redeveloped. The sale includes five stores in the Atlanta area and six in the Dallas area.

The sites range in size from 4.5 acres to 9 acres and contain a former Landscape Supply store building of about 12,000 square feet.

Atlanta-based Home Depot, the world’s largest home improvement store chain, said in September that it planned to close the Landscape Supply stores as part of its efforts to focus more resources on its core retail business.

Home Depot’s first Landscape Supply store opened in 2002. The stores catered to professional landscapers, as well as the project-oriented do-it-yourselfer.

The stores included a greenhouse and sold products including interior plants, chemicals, pavers and irrigation supplies. They also offered landscaping tool rental.

Home Depot operates more than 2,000 retail stores in the United States, Canada, Mexico and China. Its shares were up 32 cents, or 1 percent, to $28.31 in afternoon trading

  • Feb
    7

Home Depot sells landscape stores

February 7, 2008

HeraldTribune.com
Business briefs
ATLANTA

A Florida real estate development and acquisitions firm has bought The Home Depot Inc.’s 11 Landscape Supply stores for $22 million. Ram Realty Services, based in Palm Beach, said that it is evaluating the portfolio to determine which of the sites will be sold and which will be redeveloped. The sale includes five stores in the Atlanta area and six in the Dallas area.

  • Feb
    7

Landscape Supply locations acquired

February 7, 2008

Leon Stafford – The Atlanta Journal-Constitution

A Florida real estate firm has purchased the stores of Home Depot’s defunct Landscape Supply chain.

Ram Realty Services, a developer in Palm Beach Gardens, bought the properties — – which include five stores in metro Atlanta and six in the Dallas-Fort Worth area — for $22 million, the company said Wednesday.

“This opportunity enabled us to move quickly to purchase an entire portfolio in two strong metropolitan areas at one time, which fits in nicely with our overall strategy,” Ken Baye, Ram’s senior vice president of development, said in a statement Wednesday.

Home Depot launched Landscape Supply, which sold plants, shrubs and trees to doit- yourself gardeners and professional landscapers, in 2002.

Analysts expected the chain to expand beyond Georgia and Texas, but the concept never took off. Home Depot shut down the concept in November, saying the Atlanta based giant wanted to concentrate on its regular warehouse business.

The stores cover about 12,000 square feet and sit on sites of 4.5 acres to 9 acres. Baye said some of the Atlanta locations could be redeveloped, while the Dallas properties would probably be sold.