Palm Beach Gardens, FL, September 10, 2012 – Ram, a leader in commercial and residential development in the Southeast, has announced the sale of Oaks at Campbell Station neighborhood shopping center in Spring Hill, TN to local developer Don Cameron III for $1.9 million. Waddell Wright of RDG Investments and Jim Morris of CBRE represented Ram and Steve Kroger represented the buyer.
The sale of the Oaks at Campbell Station represents the latest workout by Ram of a formerly distressed asset. Ram initially acquired the debt as one of 38 defaulted notes in a portfolio secured by 39 retail properties. Following a foreclosure on the property, Ram took title to Oaks at Campbell Station in October of 2010. The property is currently 81% leased.
According to Ivy Greaner, Ram’s chief operating officer, “While Ram restructured a handful of notes in the portfolio, and executed a few discounted payoffs with borrowers, the real focus has been to secure underperforming property and add value. Having turned the property around, we are pleased to have a positive outcome for both the community and our investors.”
Located just off Highway 31, a major commercial corridor, Oaks at Campbell Station is a 42,346 SF shopping center approximately 12 miles south of downtown Franklin and 30 miles southwest of Nashville. Notable tenants include: HG Fitness, Trinity Church and Domino’s Pizza.