July 2008

  • Jul
    26

Former Landscape Store Sold

July 26, 2008

Former Landscape Store Sold
July 26, 2008
By Aleshia Howe – Fort Worth Business Press (Excerpt)
Former landscape store sold
Fort Worth-based North Texas Acquisition has purchased the former Home Depot Landscape Supply Center, located at 5301 S. Cooper St. in Arlington, for $3.4 million. The property is comprised of a 12,383-square-foot building and an adjacent 25,830-square-foot outdoor landscape area.

Casey Cummings of Florida-based Ram, along with Mike Stevens of Steveco Commercial Real Estate Group, arranged the transaction. The seller was undisclosed.

  • Jul
    24

Ram Completes the Sale of Home Depot Landscape Supply Center in Plano, Texas

July 24, 2008

Ram Completes the Sale of Home Depot Landscape Supply Center in Plano, Texas
July 24, 2008

FOR IMMEDIATE RELEASE
CONTACT:
Marichelli Heredia or Heidi Armstrong
Thorp & Company
(305) 446-2700
mheredia@thorpco.com
harmstrong@thorpco.com

Palm Beach Gardens, Fla., July 24, 2008 – Ram, a leader in real estate development and acquisitions, today announced that it has completed the sale of the former 12,383-square-foot Home Depot Landscape Supply Center with an adjacent, outdoor landscape area of approximately 25,890 square feet in Plano, Texas.

Calloway’s Nursery Inc., a Texas corporation, purchased the property for $3 million. The property is located at 2460 State Highway 121 in Plano, Texas. Steveco Commercial Real Estate Group LLC handled the transaction for Ram. The company has sold three of 11 similar sites, acquired as part of a portfolio earlier this year.

We’re pleased to complete another property sale from this portfolio,” said Casey Cummings, president of Ram. “The success we’ve had from these properties is giving us the opportunity to meet our goal of reinvesting in a number of projects throughout the Southeast.”
About Ram
Founded in 1978, Palm Beach Gardens, Florida-based Ram is an affiliated group of companies comprised of Ram Development Company, a leader in retail, residential and mixed-use development and acquisition, and Ram Realty Services, a provider of residential and retail management and leasing services. In addition to the Palm Beach Gardens office, Ram has offices in Fort Lauderdale and Tampa, Fla., Raleigh, N.C., and Atlanta, Ga. Currently, the company manages approximately 2.5 million square feet of retail property and 3,000 apartments and is active in Florida, North Carolina and Georgia. Ram is committed to making places that are socially responsible, economically vibrant and environmentally sustainable. For more information, visit www.ramrealestate.com.

  • Jul
    18

Commercial transactions

July 18, 2008

Commercial transactions
July 18, 2008
Dallas Morning News (Excerpt)

Ram, a Florida-based company, sold the former 12,383-square-foot Home Depot Landscape Supply Center at 5301 S. Cooper St. in Arlington to North Texas Acquisition LLC of Fort Worth for $3.4 million. Casey Cummings of Ram and Mike Stevens of Steveco Commercial Real Estate Group LLC handled the transaction.

  • Jul
    10

Ram Completes the Sale of Property in Arlington, Texas

July 10, 2008

Ram Completes the Sale of Property in Arlington, Texas
July 10, 2008

FOR IMMEDIATE RELEASE
CONTACT:
Marichelli Heredia or Heidi Armstrong
Thorp & Company
(305) 446-2700
mheredia@thorpco.com
harmstrong@thorpco.com

Palm Beach Gardens, Fla., July 10, 2008 – Ram, a leader in real estate development and acquisitions, today announced that it has completed the sale of a property in Texas.

The former 12,383-square-foot Home Depot Landscape Supply Center with an adjacent, outdoor landscape area of approximately 25,890 square feet was sold to North Texas Acquisition, LLC, from Fort Worth, Texas, for $3.4 million. The property is located at 5301 South Cooper Street in Arlington, Texas. Casey Cummings, president of Ram, together with Mike Stevens of Steveco Commercial Real Estate Group, LLC, handled the transaction. The sale of this property was part of a portfolio of 11 similar sites acquired earlier this year.

“We are pleased to complete the sale of this property,” said Cummings. “This transaction demonstrates our core plan, which is to take the capital from these types of sales and re-invest it into the marketplace throughout the Southeast.”
About Ram

Founded in 1978, Palm Beach Gardens, Florida-based Ram is an affiliated group of companies comprised of Ram Development Company, a leader in retail, residential and mixed-use development and acquisition, and Ram Realty Services, a provider of residential and retail management and leasing services. In addition to the Palm Beach Gardens office, Ram has offices in Fort Lauderdale and Tampa, Fla., Raleigh, N.C., and Atlanta, Ga. Currently, the company manages approximately 2.5 million square feet of retail property and 3,000 apartments and is active in Florida, North Carolina and Georgia. Ram is committed to making places that are socially responsible, economically vibrant and environmentally sustainable. For more information, visit www.ramrealestate.com

  • Jul
    6

Condo developers high on Chapel lHill – Ram now selling units in 140 West Franklin

July 6, 2008

Condo developers high on Chapel lHill – Ram now selling units in 140 West Franklin
July 6, 2008
By Jack Hagel, Staff Writer – The Chapel Hill News

CHAPEL HILL — Outside a former Franklin Street gas station, hundreds of developers, dignitaries and potential condo buyers gathered under a big tent last month.

After the visitors nibbled smoked salmon crepes, sipped adult beverages and listened to a disc jockey spin adult contemporary music, organizers hoped they would mosey down to a sales center where Ram Realty Services was introducing its 140-unit condominium project, 140 West Franklin.

The scene sounds so 2005.

Back then, when easy lending was fueling the housing boom, lavish parties introducing condominium projects cluttered the calendars of developers and potential buyers across the country. Now, amid one of the biggest housing slumps in national history, it may seem difficult to take a pre-sales campaign seriously.

But Ram and two chief competitors — East West Partners and Greenbridge Developments — are betting that Chapel Hill is an oasis of pent-up demand. Buoyed in part by UNC’s growth, developers think there will be enough buyers to snap up 368 condos by 2012.

“It has such a broad appeal to so many different segments of the market: retirees, people who are involved with the university, people that just want that as a place to raise children or a place to live,” said Casey Cummings, Ram’s president.

Ram will begin taking reservations at 140 West Franklin this month. Its goal is to finish the building, on a 1.7-acre parking lot at Franklin and Church streets, by the end of 2011. By then, Ram hopes to have sold out. It’s a lofty goal. Because of the housing and credit crises, it is generally harder for potential buyers to sell their homes elsewhere. Plus, the project will have to catch up to two competitors: Greenbridge and East 54.

Construction began last year on East 54, off N.C. 54. It’s being developed by East West Partners of Chapel Hill. Its 53-unit first phase is sold out, and one-quarter of its 40-unit second phase is pre-sold. “We’ve had unbelievable success,” said Roger Perry, East West’s president.
The project will include 175 condos. Perry expects to sell out by early 2009. East 54 also is seeking a designation from the U.S. Green Building Council’s Leadership in Energy and Environmental Design, or LEED, rating system, which would help it compete with Greenbridge, a 98-unit project at Franklin and Graham streets.

Greenbridge has pre-sold about half its units, said Tim Toben, a partner in Greenbridge Developments, the Chapel Hill group building the project.

Excavation for an underground parking deck is under way. Vertical construction is to finish in April 2010, Toben said. The 140 West Franklin project has a more central location and more parking than Greenbridge. It will feature earth-friendly design features, but the developer won’t seek LEED certification.

Ram wants 25 percent of its condos to be pre-sold before it breaks ground on the building, which includes 26,000 square feet of shops. Ram is so comfortable building in Chapel Hill that it is looking past 140 West Franklin to 345 additional condominiums and townhouses it wants to build. Construction of Ram’s Grove Park wouldn’t start until at least mid-2009.

“If you make the investment in time in a community,” Cummings said, “you’re rewarded for that.”

  • Jul
    1

Relief Picture – South Florida Condo Pendulum to Shift as Lower Prices Move Units

July 1, 2008

Relief Picture – South Florida Condo Pendulum to Shift as Lower Prices Move Units
July 1, 2008
By Amanda Marsh – Commercial Property News

South Florida’s condominium sector remains downtrodden, but as owners start to drop prices, the market may be ready to correct itself.

The local condo market has been oversupplied for four years, according to Jeff Smith, senior vice president of acquisitions and dispositions for Sterling American Property Inc. Combined with a single-family shadow market, such conditions bear particularly good news for renters. As owners lease out condo units, the extra rental supply should help residents gain lower rates and more concessions, Smith said. “The shadow market is staring us in the face. You see them in the Sunday paper. Savvy renters now have a choice: Instead of $1,200 to $1,400 per month for an apartment, remain overbuilt and overpriced through the end of the year but maintains that prices and development are now headed in the right direction. “The worst is over,” he said. “We’ve probably hit the bottom.”
It’s All About Convenience . . . & Risk

South Florida’s growing mixed-use inventory is increasingly incorporating housing, as residential builders step up mixed-use development, using the presence of other property types to mitigate the risks of the seesawing condominium market. Miami and Aventura, for example, are harnessing demand for live-work-play environments, said Oscar Marti, director of sales for Florida development firm DYL Group LLC.

“It’s also a better use of resources,” said Casey Cummings, president & chief investment officer for development firm Ram, referring to the efficient lifestyles of residents of live-work-play centers. “Customers want to be more green.” For its part, Ram has a hand in two mixed-use communities in the area. It recently delivered Midtown in Palm Beach Gardens, which includes 225 luxury apartments; 98,000 square feet of retail, restaurant and office space; a 500-seat cultural center; and a 300-seat banquet hall. And the company plans to break ground this year on Phase 1 of Sheridan Station, a multimodal transit-oriented development in Hollywood that encompasses 450 rental apartment units, 300,000 square feet of retail space and 120,000 square feet of office space.

  • Jul
    1

Ram Opens Midtown Atlanta Lcoation

July 1, 2008

Ram Opens Midtown Atlanta Lcoation
July 2008
Southeast Real Estate Business
Ram Opens Midtown Atlanta Location

Atlanta – Ram is opening an office in Midtown Atlanta. The new location will be managed by Ken Baye, senior vice president of development, who will oversee the company’s development and construction of projects in the local market.