October 2011

  • Oct

CAC-Florida Medical Centers to Open at Ram’s Pine Hills Marketplace

October 18, 2011

Ram announced today that it has signed a lease with CAC-Florida Medical Centers for 6,250 square feet to open a multi-specialty medical center in its Pine Hills Marketplace in Orlando, Florida.

CAC-Florida Medical Centers opened its doors in 1964 in Miami-Dade under the name Clinica Asociacion Cubana. Today, it holds the distinction of being Florida’s first managed care facility granted a license to operate as a Health Maintenance Organization (HMO). The centers operate in a staff model setting whereby routine medical and ancillary health care services are provided “under one roof” and orchestrated by a primary care physician. CAC-Florida Medical Centers serve a culturally diverse patient base. A Spring 2012 opening is planned.

Pine Hills Marketplace is a 264,000 square foot community center, centrally located at the NW corner of Colonial Drive, known as Orlando’s “Main Street”, and Deauville Drive in Orlando, Florida. Other notable tenants include: Big Lots, Footlocker, Firestone, Simply Fashion, Kidspot, Family Dollar, Bank of America and Popeye’s.

  • Oct

Ram Adds Vine & Barley to Martin Downs Town Center

October 18, 2011

Ram announced today that Vine & Barley has signed a lease for 2,100 square feet of retail space at Martin Downs Town Center in Palm City, Florida.

Vine and Barley is a sophisticated wine and craft beer lounge, selling wine through a specialized serving system that allows customers to purchase a taste, half glass or full glass of wine from more than 70 wines. The upscale establishment also specializes in micro-brewed beers, with more than two dozen labels on tap. Tasty cheese platters and desserts are also served. This is a second location for Vine & Barley. Grand opening for the Palm City location is planned for Spring 2012.

Martin Downs Town Center is a 36,500 square foot neighborhood center, located at the southeast corner of Martin Downs Boulevard and High Meadow Avenue in Palm City. Other notable Martin Down’s Town Center tenants include: Panera Bread, BB& T Bank, Quest Diagnostics, Dunkin’ Donuts and SunTrust Bank.

  • Oct

Ram Leases Up Village at Whitehall with Concentra Health Services

October 10, 2011

Ram announced today that it has signed a lease with Concentra Health Services Inc. for 7,800 square feet of medical use space in its Village of Whitehall shopping center in Charlotte, NC. Concentra will be tenanting the last vacant space, which brings the center to 100% leased.

Concentra Health Services, a subsidiary of Humana, Inc., will be opening an urgent care medical facility, which is relocating from their Westinghouse Blvd. location. A January 2012 opening is planned.

Ram took title to Village of Whitehall in August 2010 as one of 38 notes secured by 39 retail properties. At the time, the property was 68% leased. According to Ivy Greaner, Ram’s Chief Operating Officer, “It is an important part of our business strategy to secure underperforming property and add value. Concentra selected Village of Whitehall for its excellent location and visibility, which offers their client base convenient access to quality health care services.”

Village at Whitehall is a 28,200 square foot neighborhood center, located along South Tryon Street, less than a mile from Interstate 485 in south Charlotte. Other notable tenants include: Starbuck’s, AT&T, McAlister’s Deli, Don Pedro Mexican and H&R Block.

  • Oct

Debt-Free Mixed-Use Projects Trades for $8M

October 7, 2011

Globe St.

TAMPA, FL-Publix-anchored shopping centers are still selling strong. The retail and office components of Broadway Promenade, a mixed-use residential and commercial development in the downtown cultural district of Sarasota, traded for $8.15 million. CBRE’s Dennis Carson represented Ram in the sale.

Broadway Promenade is located at the intersection of US Highway 41 and 10th Street. The commercial space at Broadway Promenade is 49,271 square feet, including the 28,800-square-foot Publix grocery store and an office component totaling 4,104 square feet.

“A Publix-anchored retail development in a good location will always stand the test of time,” Ram Chairman Peter Cummings tells GlobeSt.com. “One of our priorities during this difficult economy has been to maintain strong relationships with our lenders, which we have succeeded in doing.”

Cummings says Ram worked with Regions Bank on the project, which gave the firm sufficient time to weather the worst of the economic storm. The project, which was developed by Ram in partnership with RMC Property Group of Tampa in 2007, is now paid in full.

Broadway Promenade also comprises 186 luxury residential condominiums that are sold out and were turned over to the homeowners in 2009. “The residential component of Broadway Promenade sold out in 2009, at prices lower than we originally had hoped for but at prices that attracted customers who were seeking value,” Cummings says. “Ultimately, the value of this class A location was realized.”