November 2018

  • Nov
    12

Ram Realty Advisors Sells Woodlands Square

November 12, 2018

Woodland-Square-11418 (002)_Page_07(OLDSMAR, FL –November 09, 2018) — After breathing new life into the 315,000 SF Woodlands Square, owner Ram Realty Advisors is pleased to announce the sale of the revitalized center to Dallas, Texas-based Rainier Companies.  Cushman & Wakefield’s Miami-based retail investment sales team, led by Mark Gilbert, Adam Feinstein, and Mitchell Halpern, represented the seller in the transaction.

After demolishing functionally obsolete space near the back of the center to make way for new tenants and better traffic flow, Ram’s makeover of the prime location at the intersection of Tampa Road and Curlew Road included new building facades, new signage, roofing, painting, parking lots, parking lighting, landscaping, awnings, and created a two-way ingress/egress drive. Ram estimates it touched roughly 85% of the center, which is 96% occupied, making it an attractive acquisition for Rainier.  “The Class A center is a perfect fit for our retail strategy and growing retail portfolio,” says Rainier’s President, Tim Nichols.

The tenant mix includes recognized brands including specialty organic and natural foods grocer, Earth Fare; an AMC Theatre, which recently received a $7 million makeover; PetSmart; Five Below; a free-standing Ulta cosmetics; Beall’s; Marshall’s; Dollar Tree; Anytime Fitness; Coast Dental; Fantastic Sam’s; Kids Park; Pinot’s Palette; Amazing Lash, 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.

Dining options include Shaker & Peel, Craft Street Kitchen, Green Market Café, Ruby Tuesday, and long-time local favorite Eve’s Family Restaurant.

Located 20 minutes northwest of downtown Tampa, in Pinellas County (the most popular destination on Florida’s Gulf of Mexico), this prime location represents a winning decision for both firms.

#  #  #

**HI-RES IMAGES AVAILABLE

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; Durham, North Carolina; and Nashville, Tennessee.

ABOUT THE RAINIER COMPANIES

The Rainier Companies are headquartered in Dallas, Texas. Rainier currently holds investments in over $1 billion of commercial properties with its individual, corporate, and institutional partners.  Rainier’s acquisition strategy focuses on well-located stabilized retail centers and government properties in the central and eastern United States and value-add properties in Texas.  For further information, please see www.rainiercompanies.com.

 

Ram Realty Advisors contact:
Jonathan Porter
Ram Realty Advisors
office: 561.282.4628

The Rainier Companies contact:
Stacy McDaniel
The Rainier Companies
Office:  214.234.8200

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

  • Nov
    1

FL Luxury Apartments Command $103M

November 1, 2018

Ram Realty Advisors and Kolter Urban have sold The Alexander and Alexander Lofts, two high-end communities located in West Palm Beach

By Keith Loria via Multi-Housing News | Read Original Article here

AvalonBay has acquired Alexander Living, a two-building luxury community encompassing 290 units in West Palm Beach, Fla., from a joint venture between Ram Realty Advisors and Kolter Urban, for $103 million.

Newmark Knight Frank’s Vice Chairmen Avery Klann, Hampton Beebe and Director Jonathan Senn facilitated the sale.

“We are constantly looking for opportunities to reinvent existing buildings. Alexander Lofts met that criteria,” Casey Cummings, Ram Realty Advisors’ CEO, told Multi-Housing News.  “We also tend to pursue locations that are emerging rather than those that are established (and frequently overbuilt). This part of West Palm Beach was, and is, undergoing a renaissance. By virtue of our direct execution teams and internal discretionary capital, we can take calculated risks where others may not.”

For example, Alexander Living was the first new institutional quality apartment community to be developed in West Palm Beach after the financial crisis.

“Much of the new product in the Southeast tends to be commoditized or repetitive. This project had all of the bells and whistles that renters expect to find in a new community, plus it had character and authenticity,” Cummings said. “The community has a soul, largely as a result of the adaptive re-use at Alexander Lofts, the public art, the urban park, and the surrounding neighborhood. That said, it isn’t just buildings and amenities that make the difference, it’s the people. The residences, onsite management team, and our retail partner helped bring the buildings to life.”

 The Alexander, located at 333 Fern St., consists of 205 units and offers views of Palm Beach and the Intracoastal Waterway. The 20-story asset was turned into luxury apartments just last year.

Originally constructed in 1926 as headquarters for Southern Bell Telephone, Alexander Lofts, located at 326 Fern St., was redeveloped into luxury units in 2005.

Units in both buildings feature modern, open-concept floorplans with plank and tile flooring, soaring ceilings, large windows, balconies on select units, contemporary style baths and gourmet kitchens with stainless appliances. Both buildings are pet-friendly.

The properties’ shared amenities include a swimming pool and club room on the seventh floor, expansive 24-hour fitness center, executive business and conference center, personal video entry system and more.

“In addition, we have a gourmet raw vegan restaurant and juice bar, a lovely public park and are instantly recognized by the iconic Art in Public Places murals on the east side of both residences,” Jennifer Stull-Wise, Ram Realty Advisors’ managing director, asset management, told Multi-Housing News. “The location and views are truly our best irreplaceable amenity.”

PREMIER LOCATION

Alexander Lofts and The Alexander are situated in downtown West Palm Beach, in the heart of the Arts & Entertainment District, and within walking distance from transportation, shopping, dining and entertainment venues.

According to Stull-Wise, the city continues to grow, not just from a quantitative perspective, but more importantly from a quality of life perspective with public spaces and new transit systems such as Brightline.

“Alexander Living is located in the epicenter of all of the exciting changes taking place in West Palm Beach,” Stull-Wise said. “It’s truly becoming a cosmopolitan place to live and work.”

Ram Realty Advisors owned the properties for approximately six years and completed execution of the renovation and new development component a little over a year ago.

“We achieved stabilization late this summer,” Cummings said. “As much as we love the property and would have been pleased to own it longer-term, our funds typically target a 5+/- year holding period. We believe in the importance of following through on business plan execution.”

Last year, Ram Realty Advisors sold the Apartments of Stonehenge, a 452-unit, garden-style community in the North Raleigh submarket of Raleigh, N.C.