August 2010

  • Aug
    30

Ram Announces New Tenant at Former Lindbergh EXPO Building

August 30, 2010

Palm Beach Gardens, Fla., August 30, 2010 – Ram, a leader in development and value-added acquisition activity, announced today that Passion City Church, led by senior pastor Louie Giglio, has commenced renovations on 134,000 square feet property leased from Ram in the Lindbergh City Center area. The Church will redevelop this former big box retail space into a worship and education facility for its members.

The property, located at 515 Garson Drive, has excellent accessibility from the Lindbergh MARTA station and from Interstate 85 and State Road 400. The site was previously occupied by a Home Depot EXPO, PGA Superstore and Sam’s Club. Renovation is slated for completion by the end of 2010.

  • Aug
    20

Ram Announces Land Acquisition with Boyd Development at Lakeside Village

August 20, 2010

Palm Beach Gardens, Fla., August 20, 2010 – Ram Realty Services, in partnership with Boyd Development Corporation, announces that they have closed on the land to develop Lakeside Village, a commercial property in the Windermere area of greater Orlando.

Construction is slated to commence in the first quarter of 2011 to develop this 126,000 square foot retail center, which will be anchored by a 47,000 square foot Publix Super Market. The new center also includes several outparcels and 16,000 square feet of smaller shopping space.

“In these challenging times, we are both optimistic and encouraged to invest our equity in a quality ground-up project with a creditable development partner,” said Bob Skinner, senior vice president of development for Ram. “As the economy improves, we hope to participate in more of these opportunities.”

Additional Ram properties in the Orlando area include Best Buy/Barnes & Noble at Orange Blossom Trail, Pine Hills Marketplace on West Colonial Drive, and Downtown Ocoee at SR 50/Colonial Drive. Ram is also master-developing a commercially zoned 10.57-acre vacant land parcel located at Boggy Creek Road and Narcoossee Road, in the Lake Nona submarket of Orlando.

About Boyd Development Corporation
Boyd Development Corporation is an Orlando-based real estate development company formed in 1991 by Scott T. Boyd. Boyd focuses on full-service real estate development, developing strategic retail and commercial projects throughout Central Florida. Since Boyd Development’s inception, more than $300 million in real estate has been developed and/or acquired.

  • Aug
    3

Ram and Square Mile Ink Portfolio of Notes Across Key Southern States

August 3, 2010

Palm Beach Gardens, Fla., August 3, 2010 – Ram, a leader in real estate development and acquisition, and Square Mile Capital Management LLC announced today their joint venture acquisition of a portfolio of thirty-eight (38) non-performing loans with a total par value of approximately $150 million. The assets were acquired on behalf of affiliates of Ram Realty Partners II and Square Mile Partners III. The collateral includes thirty-nine (39) shopping centers in nine southern states representing a portfolio of 1.8 million square feet. The properties are primarily located in major and secondary markets in Florida, Tennessee, Georgia, and the Carolinas. Ram currently owns and operates several assets in these markets. The notes were acquired at a significant discount to par.

Ram and Square Mile have jointly considered several distressed debt investments since early 2009, but this acquisition was the first that was aggressively pursued. Other acquisitions are being considered that allow the venture to employ its unique combination of workout and restructuring experience with its demonstrated operational and development track record. “We continue to evaluate a significant number of distressed debt opportunities in our core markets. The recent transaction with Square Mile was the first large portfolio that we seriously considered purchasing,” said Casey Cummings, President of Ram. “The asset type and location fit nicely within our existing asset management platform. In the last 18 months, distressed debt investing has represented an overwhelming majority of our new transactions. The acquisition of commercial mortgages on a selected basis has been, and will continue to be, a positive addition to our traditional acquisition and redevelopment programs.”

About Square Mile Capital
Square Mile Capital, which was founded by Jeffrey Citrin and Craig Solomon, is a private investment management firm that focuses on real estate and real estate-related opportunities, including both debt and equity investments. Square Mile has organized institutional private equity funds aggregating approximately $1.4 billion, including its most recent vehicle that closed in February 2009 with $806 million of committed discretionary capital. The firm’s distinguished investor base includes more than 50 institutional investors, including U.S. public and private sector pension funds, sovereign wealth funds, university endowments, major insurance companies, financial services firms, wealth managers, foundations and high net worth individuals. Square Mile is headquartered in New York City, with offices in Los Angeles and Greenwich. For more information, visit www.squaremilecapital.com.

  • Aug
    1

Ram Debuts Palmetto Park City Center to Broker Community in Boca Raton

August 1, 2010

Palm Beach Gardens, Fla., August 2, 2010 – Ram, a leader in real estate development and acquisition, debuted its newest development in Boca Raton, Palmetto Park City Center, to the commercial brokerage community at a first-ever evening reception for the South Florida Office Brokers Association on June 17th at MoQuila’s. Boca Raton Mayor Susan Welchel spoke to the standing-room-only audience and advocated the public sector’s support for this office-anchored project as a key component in downtown redevelopment.

Ideally located in the heart of downtown Boca Raton, Palmetto Park City Center is a planned mixed-use development to be located on the southeast corner of Palmetto Park Road and Federal Highway. Upon completion, it will be the first Class A-LEED certified office building in downtown Boca Raton and the first new office tower built in ten years.

Tom Kates, of Stiles Realty introduced developer Hugo Pacanins who shared the details of the project in a visual presentation for the business community. Stiles is the leasing agent for Palmetto Park City Center office tower.

About Palmetto Park City Center

Palmetto Park City Center, a Ram property, is an architecturally distinct, mixed-use destination in heart of downtown Boca Raton, Florida. Palmetto Park City Center will feature approximately 145,000 square feet of Class A office space, 37,000 square feet of retail space, a 150-room hotel and 105 residential units. The office building will be the first LEED certified office building in the area and the first office tower in a decade. The proposed boutique hotel will be the first new hotel constructed in downtown Boca Raton in over 30 years. The architectural features will create a landmark development for the city. The overall site plan encourages pedestrian activity and green environments that connect to other destinations in downtown Boca Raton.

About Ram

Founded in 1978, 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. In addition to its development and value-add acquisition activity, Ram acquires non-performing and sub-performing mortgages secured by commercial and multifamily properties. Ram has offices in Fort Lauderdale and Tampa, Florida, Chapel Hill, North Carolina and Atlanta, Georgia, with its corporate office in Palm Beach Gardens, Florida. For more information, visit www.ramrealestate.com.

About Stiles Realty

Stiles Realty was founded in 1984 as a full-service commercial brokerage. With over 5,000,000 sq. ft. of current listings, Stiles Realty is ranked as one of South Florida’s largest real estate brokerages. Stiles is renowned for providing expert landlord representation, tenant representation and investment services in the tri-county area. For more information, visit www.stiles.com.