July 2013

  • Jul

Gentlemen’s Corner for Chapel Hill

July 24, 2013

By Amanda Jones Hoyle, via Triangle Business Journal

A hip, high-end men’s wear boutique that’s popular in Wilmington and in Pinehurst will open a location on Franklin Street in Chapel Hill.

The owners of The Gentlemen’s Corner men’s wear store have signed a lease for a store at the 140 West Franklin condo and retail building that opened in Chapel Hill earlier this year. The store is expected to open by early 2014.

Ivy Greaner, chief operating officer of 140 West’s development group Ram Real Estate of Florida, says The Gentlemen’s Corner will take a 1,800-square-foot space on the ground floor of the $55 million project.

“They have a very cool concept,” Greaner says of the tenant. ” We’re excited because we think we are getting some good tenants there. We’ve been patient trying to make sure we have the right mix.”

Christopher “Chico” Dalrymple opened the first Gentlemen’s Corner in Pinehurst in 1978, and co-owner Harrison James Sasser opened a second location at Wilmington’s Lumina Station shopping center last year. The group also has a store in Palm Beach, Fla.

The store carries apparel, shoes and accessories lines such as Peter Millar, Robert Talbott, Agave Jeans, Kroon, Ballin Trousers, Seaward and Stearn, Coast, and Smathers and Branson Belts.

The 140 West Franklin building has 140 residential condo units that are about 75 percent sold.

Ram recently confirmed that Spicy Nine, a sushi bar and Asian fusion restaurant owned by the same family that runs Sushi Thai Raleigh, Sushi Nine and other Asian restaurants in the region, will begin construction soon of its space at 140 West.

Old Chicago Pizza & Taproom will open in early 2014 after signing a deal in April at 140 West.

The new retailers will join Lime Fresh Mexican Grill, which is already open at 140 West, Gigi’s Cupcakes opening in late August, and Eye Care Center, moving later this year from nearby University Square in Chapel Hill.

  • Jul

Ram Realty Partners Closes Fund III at $150 Million

July 17, 2013

Ram Realty Partners, a South Florida-headquartered real estate investment management firm, has announced the final closing of Ram Realty Partners III, L.P., with $150 million in equity commitments.  A diverse group of institutional investors and family offices committed to Fund III, in addition to more than $11 million from the firm’s management team and its affiliates.

“We continue to grow our team and expand key relationships with new and existing partners.  We firmly believe it is the people that make a difference.  When we find opportunities to combine our human resources with our partner’s capital, we are able to generate positive results.  We remain committed to being a fully integrated regional operator with discretionary capital.  This is a highly competitive business and we believe having both the people and the capital is a key differentiating factor.  The initial portfolio for Fund III is a classic example of focusing on the right opportunities in the right markets,” commented Casey Cummings, Ram’s Chief Executive Officer.

Fund III investments will primarily include value-added acquisitions of well-located retail and multi-family properties in the Southeast.  In addition, Ram will continue to pursue distressed debt and recapitalizations of shopping centers and apartment communities.  The Company is targeting a total of $450 million of investments.  To date, Ram has made a total of $150 million of investments on behalf of Fund III.  The investments include two retail properties – The Cypress in Tampa, Florida and Jacaranda Plaza in Plantation, Florida.  Four multifamily investments have been made in West Palm Beach, Raleigh, Orlando, and Charlotte.  All four of the apartment communities are undergoing significant renovation and rebranding.

Peter D. Cummings, Ram’s Chairman said, “We are appreciative of this vote of confidence from our all of our investors.  While many of our investors are long-standing partners, we are pleased to have successfully broadened the investor base now with public pension funds and international investors.”

The Company currently manages three real estate private equity funds and several institutional joint ventures.  Ram seeks opportunities where its management, leasing and operating expertise can significantly enhance property cash flow and investment value.