July 2009

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Florida company pays $11.1 million for Durham shopping center

July 10, 2009

Triangle Business Journal

A Florida retail real estate company has bought the Durham Festival shopping center on Hillsborough Road in Durham for $11.1 million.

Ram Realty Partners of Palm Beach Gardens, Fla., operating as Durham Festival LLC, purchased the 16-year-old shopping center from Weingarten Realty Investors of Houston in a deal that was finalized on June 30.

The property has a tax value of almost $10 million, according to Durham County tax records.

Major tenants at the 131,826-square-foot neighborhood center at the intersection of U.S. 15/501 and Hillsborough Road include Kroger Supermarket, Millennium Sports Club, Dollar General and SunTrust Bank. The property is on 11 acres.

The property was acquired on behalf of Ram Realty Partners II, a private equity fund sponsored by Ram and its principals. The fund has assets of $175 million with additional equity capital on hand to expand its holdings to a total of $600 million.

Ram is the developer of the 140 West mixed-use development project planned on Franklin Street in Chapel Hill, which will include 137 condominium units, 27,000 square feet of ground floor retail and restaurants, two levels of structured parking and an open plaza featuring public art when it is complete.