February 2011

  • Feb

Ram Opens Charlotte Office Supporting Regional Operations

February 10, 2011

Via dBusinessNews

Charlotte – Ram announced today that it has opened an office in Charlotte to manage its growing portfolio of investments in North and South Carolina, Georgia and Virginia.

The new office is located in the Design Center of the Carolinas in historic South End, a commercial property Ram has owned since 2007. Initially, the office is being staffed by Kimberly Armstrong, a senior property manager with 25 years of experience, who is relocating from Ram’s Tampa, FL office

Ram first entered the North Carolina market in the late 1990’s by partnering with Michigan-based Beztak Companies in the development of the Terraces at Brier Creek, a luxury apartment development near the Research Triangle Park. Since that time, the company has acquired, upgraded and subsequently sold Ivy Chase, a student-housing community near the Centennial Campus of NC State, and more recently acquired and remodeled Durham Festival, a Kroger-anchored neighborhood shopping center near the Duke University Campus.

In addition to acquiring and developing real estate, Ram has been active during the past two years, through its Ram Realty Partners II Fund, in the acquisition of distressed debt. In July of 2010, in partnership with Square Mile Partners, Ram acquired a portfolio of 39 notes, all secured by retail properties in the Southeast. Of this total, 12 are located in Virginia, Georgia and the Carolinas.

“This new office is a demonstration of our commitment to the North Carolina market, said Casey Cummings, Ram’s Chief Executive Officer. “The economic crisis from which we are finally emerging hit Charlotte hard, but we have tremendous confidence in the mid- and long-term prospects for this community.”

In January of this year, Ram broke ground on 140 West Franklin, a new mixed-use community in the heart of Chapel Hill. Located on a former municipal parking lot on Franklin Street, this property will offer 140 condominium residences and 26,000 square feet of retail in the center of town. Ram maintains a full-time development office at the Chapel Hill location.

  • Feb

Ram Sells SunTrust Outparcel for $4M

February 3, 2011

Globe St. PALM BEACH-In a move to cash in on a distressed redevelopment deal, Ram has sold the SunTrust Bank outparcel at its West Boynton Professional Center for $4.4 million. Ram had acquired the 3.7-acre property by purchasing the first mortgage and subsequently securing title through foreclosure.

“We bought a bank note at a discount, which has been the heart of our business during the past two years,” Peter Cummings, chairman of Ram, tells GlobeSt.com. “We took the property through foreclosure and implemented a development plan, which involved building the SunTrust branch and the medical office building.”

Located at the intersection of Hagen Ranch Road and Boynton Beach Boulevard, West Boynton Professional Center was acquired in 2009 and development was completed in 2010. The asset includes a fully leased 12,000-square-foot medical office building. The tenants are Women’s Healthcare Associates’ obstetrics and gynecology offices, Bentin Chiropractic Wellness Center and Trillium Medical Center.

“The SunTrust has now been sold and was sold because it produced a good return on our investment. The medical office building is fully leased,” Cummings says. “We have one pad left to develop which can accommodate another 8,000 square feet of medical office. The medical office space is being leased quickly at good rents because almost no new competitive supply has been created in this market during the past several years.”

Cummings says Ram’s plans going forward are to continue to focus on creating value within the portfolio of notes the company has acquired and to place increasing emphasis on new development activities, particular in luxury rental apartments.

  • Feb

Ram Sells Palms of Carrollwood for $22.5 million

February 1, 2011

Ram announced today that it sold Palms of Carrollwood shopping center to a publicly-traded REIT for $22.5 million. Cushman & Wakefield brokered the deal.

Ram purchased the 167,887-square-foot retail property in 2000. The property is centrally located at the northeast corner of N. Dale Mabry Highway and Fletcher Avenue. Anchor tenants include Bed, Bath & Beyond, The Fresh Market and Sam Ash Musical Instrument Megastore.