April 2018

  • Apr
    27

Andrew Steffens Joins Ram Realty Advisors to Head New Nashville, TN Office

April 27, 2018

April 27, 2018

Andrew Steffens, Ram Realty AdvisorsNashville, TN – Ram Realty Advisors, a leading developer and real estate investment manager throughout the Southeast, is pleased to announce a key new hire: Andrew Steffens joined the firm’s new Nashville office as Regional Director of Investments. Andrew comes to Ram with over eight years of industry experience and, moving forward will lead its Southeast Division in the development and acquisition of multifamily and retail opportunities.

“I am excited to join Ram Realty Advisors,” said Andrew. “While Ram has been targeting investment opportunities in the area for some time, I am eager to bolster its presence not only in Nashville, but the entire southeast.  Additionally, I am looking forward to expanding my development experience into new asset classes to better respond to market demands.”

During his years in the real estate industry, Andrew amassed a wide range of valuable experience. After earning an MBA from Vanderbilt University with a focus in finance and real estate, Andrew spent three years with Citibank in its debt department.  Andrew later joined a prominent national developer in 2013, where he developed over $200 million in Class A multifamily assets in Nashville’s urban core. In 2017, one of those assets under his leadership won “Amenity of the Year” from Multifamily Executive Magazine.

“We’re committed to growing our portfolio throughout the Southeast U.S. and I believe that Andrew brings the perfect combination of experience, knowledge, and relationships to lead that effort,” said Jim Stine, Ram’s President. “Andrew has a very strong track record in Nashville, as well as a solid working knowledge in the other markets where we are active. We’re pleased to have him on our team.”

ABOUT RAM

Founded in 1978, Ram Realty Advisors is an affiliated group of companies and partnerships that acquire and develop retail and residential properties in select high-growth markets in the Southeast. The company capitalizes investments with Ram-sponsored discretionary private equity funds, and periodically institutional joint ventures. Since 1996, the company has deployed in excess of $2.5 billion of capital. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale, Florida; Charlotte, North Carolina; and Durham, North Carolina.

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MEDIA CONTACT:

Kelly Owens
Alchemy Communications Group
ko@alchemycommgroup.com
office: 561.935.9953 x. 101
mobile: 561.222.4958

  • Apr
    24

Tessa Tanis Joins Ram Realty Advisors in Durham, NC Office

April 24, 2018

April 24, 2018

Tessa Tannis, Ram Realty AdvisorsDURHAM, NC – Ram Realty Advisors, a leading developer and real estate investment manager throughout the Southeast, is pleased to announce a key new hire: Tessa Tanis joined the firm’s Durham office as the Director of Investor Relations. Tessa comes to Ram with over 17 years of experience and will participate in all aspects of real estate private equity marketing, including capital formation and investor relations.  She will report to Susan Carter, Executive Vice President of Investment Strategy.

“I am excited to join the talented, energetic team at Ram, and to work closely with both the investment team and our institutional partners.  I look forward to expanding the firm’s investor base and sharing Ram’s impressive track record and 40-year history of success.”

Immediately prior to joining Ram, Tessa was a Portfolio Manager at the North Carolina Retirement System (NCRS), responsible for managing the pension plan’s real estate investments.  Prior to her tenure at NCRS, she served in a variety of investment, asset management, development, and institutional reporting roles at two publicly traded REITs – Highwoods Properties and Developers Diversified Realty.  Tessa has a unique educational background, particularly for the IR position, as she has a B.S. in Public Relations and an M.S. in Accounting, both from Kent State University.  She is a member of the American Institute of CPAs (AICPA) and the Pension Real Estate Association (PREA).

“We’re committed to nurturing and growing our institutional relationships.  Tessa and Susan will be working together to combine their experience, knowledge, and relationships to assist in that effort,” said Casey Cummings, Ram’s Chief Executive Officer. “Tessa has a solid track record in many aspects of the real estate industry, as well as a strong working knowledge of the markets where we are active. We’re pleased to have her on the team.”

ABOUT RAM

Founded in 1978, Ram Realty Advisors is an affiliated group of companies and partnerships that acquire and develop retail, multifamily, and mixed-use properties in select high-growth markets in the Southeast.  The company capitalizes investments primarily with Ram-sponsored discretionary private equity funds.  Since 1996, the company has deployed in excess of $2.5 billion of capital. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale, Florida; Charlotte, North Carolina; and Durham, North Carolina.

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MEDIA CONTACT:

Kelly Owens
Alchemy Communications Group
ko@alchemycommgroup.com
office: 561.935.9953 x. 101
mobile: 561.222.4958

  • Apr
    16

With Earth Fare, Ulta and Five Below, Oldsmar’s Woodlands Square was rebuilt to withstand the retail apocalypse

April 16, 2018

April 16, 2018

By Ashley Gurbal Kritzer via Tampa Bay Business Journal

For all of the doom and gloom surrounding brick-and-mortar retail, Woodlands Square in Oldsmar had never suffered too badly.
The 315,000-square-foot shopping center did struggle with some vacancy in the years following the Great Recession, but its owner, Palm Beach Gardens-based Ram Realty Advisors, was pleased with the property.

“I would say that this property recovered pretty nicely even prior to redevelopment,” said Jonathan Porter, Ram’s vice president of asset management and finance.

Still, with the center’s size and position off Tampa Road, Ram felt it could be doing even better. In late 2016, the group kicked off a massive redevelopment effort that brought in new anchor tenants and restaurants and renovated existing portions of the center. A two-way ingress and egress, at the Tampa Road light, was also added to improve access.

What made the redevelopment doable was a lineup of retailers that are in growth mode, even in an era of declining sales and shuttering storefronts. Specialty grocer Earth Fare’s commitment to the center was pivotal for the redevelopment, Porter said; Ulta Beauty drives foot traffic with an in-store salon and aisles of makeup to swatch and sample. Teen discount chain Five Below, where items are all $5 or less, has also succeeded in reeling in shoppers.

Restaurants were a big component of the redevelopment. The proprietors of Craft Street Kitchen, which is already in the center, opened Shaker n Peel, a new concept in the center. Green Market Café, Ruby Tuesday and Eve’s Family Restaurant also remain in the center.

Market timing was also a factor; Ram was comfortable with the spread between the cost of the redevelopment and the returns it could earn on rental rates, Porter said.

That spread, along with the fact that the property is held in a closed-end fund, means that Ram will likely consider selling the property in the months ahead.

“I would like to say we will be owning this thing five years from now because I think the best days are ahead of it,” he said.

Ram didn’t disclose the overall investment in the redevelopment, but renovating the center’s movie theater, AMC 20, represents $7 million alone — costs that the landlord and tenant shared.

“When you have tenants willing to put up their own capital and renovate, you know you’re doing something right,” Porter said.

Ulta, Porter said, isn’t just a win in terms of driving shoppers to the center. Building the new, stand-alone store in the middle of the parking lot — an expansive area that “looked like multiple football fields” — helped bring the center together visually. “It really connected the two sides and made it feel more like one center,” he said.

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  • Apr
    9

Woodlands Square Completes Redevelopment with New Tenants, Strong Anchor Mix, and More

April 9, 2018

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April 9, 2018

OLDSMAR, FL — Less than two years ago, the pressing questions in Oldsmar were what grocery store planned to open at Woodlands Square and what other changes might the owners make as part of the center’s major redevelopment?

After demolishing functionally obsolete space near the back of the center to make way for new tenants and better traffic flow, today the 315,000 SF center is home to a diverse line-up of major anchor tenants.  What’s new?

  • The 24,000 SF specialty organic and natural foods grocer, Earth Fare, adding a vital component to the diverse tenant mix
  • A $7 million renovation and long-term lease extension of the existing AMC Theatre that features plush power-recliner seating, an IMAX theatre, online ticketing, reserved seating, and renovated concession area
  • Backfilled the former Office Depot with the addition of PetSmart and Five Below
  • Constructed a free-standing Ulta cosmetics which further strengthens a retail anchor tenant draw that includes Beall’s, Marshall’s, and Dollar Tree
  • Shaker n Peel, a new restaurant concept owned and operated by the proprietor of the highly successful onsite Craft Street Kitchen, further solidifying an already eclectic restaurant component that includes Green Market Café, Ruby Tuesday, and long-time local favorite Eve’s Family Restaurant
  • New building facades, new signage throughout, roofing, paint, parking lots, parking lighting, landscaping, and awnings
  • A two-way ingress/egress drive via the Tampa Road signalized intersection

“Whether through new construction, lease extensions, lease amendments, or tenant relocations, we touched roughly 270,000 square feet — roughly 85 percent — at Woodlands as part of this extensive redevelopment,” says Jonathan Porter, VP-Asset Management & Finance for Ram Realty Advisors, the property owner. “The tenant mix takes advantage of our prime location; we are 96 percent occupied and we believe it is because of our commitment to transformative redevelopment of a center that was first constructed in 1987.

“Not only did we bring in new tenants that will help increase traffic and drive sales for the balance of the center, but we spent time and effort to take care of our existing tenancy, assuring residents of Oldsmar and the surrounding communities of a great destination for entertainment, dining, shopping, personal services, and more.”

“We can’t think of a better location in the area for us than Woodlands Square,” said Frank Scorpiniti, president and CEO of Earth Fare. “Oldsmar shoppers have welcomed us with open arms, and we’ve been honored to bring to them the broadest assortment of clean, healthy foods available anywhere these past several months. We look forward to continuing to serve our new friends and neighbors.”

Woodland Square is also home to other national tenants Anytime Fitness, Coast Dental, Fantastic Sam’s, Kids Park, Pinot’s Palette, and Salon Lofts. Local tenants include Janice Brand DDS, T&T Nails, Perfections Hair Salon, My Greek Corner, Richard’s Foodporium, Eve’s Florist, and Ruth Fashions.

Located 20 minutes northwest of downtown Tampa, in Pinellas County (the most popular destination on Florida’s Gulf of Mexico), this prime location boasts 78,000 VPD at the Tampa Road and Curlew Road intersection, and excellent target demographics for its tenants with an average household income of $81,199 and 73,548 residents (with projected growth of 3% by 2022) in a three-mile radius, and daytime employment of 34,167.

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ABOUT RAM

Founded in 1978, Ram Realty Advisors is an affiliated group of companies and partnerships that acquire and develop retail, multifamily, and mixed-use properties in select high-growth markets in the Southeast. The company capitalizes investments primarily with Ram-sponsored discretionary private equity funds. Since 1996, the company has deployed in excess of $2.5 billion of capital. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale, Florida; Charlotte, North Carolina; and Durham, North Carolina.

Ram contact:

Jonathan Porter
Ram Realty Advisors
office: 561.282.4628

Media contact:

Kelly Owens
Alchemy Communications Group
office: 561.935.9953 x.101
mobile: 561.222.4958