By Amanda Hoyle via Triangle Business Journal
The Florida-based developer of 140 West Franklin mixed-use building project that opened in 2013 in Chapel Hill has sold its last ownership in the commercial components of the building.
Ram Realty Services sold the building, according to county records, for nearly $9.9 million to a private equity firm affiliated with Charlotte-based Asana Partners. Asana Partners also acquired from Ram its ownership of the Design Center of the Carolinas in Charlotte, a deal valued at nearly $42 million.
In Chapel Hill, Asana’s acquisition includes the 26,000 square feet of ground floor retail and two levels of underground parking within the 8-story mixed-use building. The property also has 140 luxury condominiums (including 18 affording housing units) that were not included in the sale and a public plaza home to Exhale, a sculptural centerpiece that serves as a backdrop for local events. The project’s long-term ground lease with the town for the 1.73-acre lot has been transferred to the 140 West Franklin Condominium Association.
Ram CEO Casey Cummings in a statement about the deal said the project has motivated his firm to pursue other real estate opportunities in the Triangle. “140 West Franklin is the culmination of a decade of patience, careful capital management, and a focus on quality execution,” he stated. “We worked closely with the town and our institutional partners during the global financial crisis, and we’re delighted to have played a role in the continuing evolution of downtown Chapel Hill.”
In the Triangle, Ram Realty Services acquired in August the Village Plaza retail building in Chapel Hill and also owns the Apartments of Stonehenge in Raleigh and Pavilion East property in Durham, where it is building a 263-unit luxury apartment community on Erwin Road. The new apartments are expected to open in summer 2017.