Debt-Free Mixed-Use Projects Trades for $8M

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Globe St.

TAMPA, FL-Publix-anchored shopping centers are still selling strong. The retail and office components of Broadway Promenade, a mixed-use residential and commercial development in the downtown cultural district of Sarasota, traded for $8.15 million. CBRE’s Dennis Carson represented Ram in the sale.

Broadway Promenade is located at the intersection of US Highway 41 and 10th Street. The commercial space at Broadway Promenade is 49,271 square feet, including the 28,800-square-foot Publix grocery store and an office component totaling 4,104 square feet.

“A Publix-anchored retail development in a good location will always stand the test of time,” Ram Chairman Peter Cummings tells GlobeSt.com. “One of our priorities during this difficult economy has been to maintain strong relationships with our lenders, which we have succeeded in doing.”

Cummings says Ram worked with Regions Bank on the project, which gave the firm sufficient time to weather the worst of the economic storm. The project, which was developed by Ram in partnership with RMC Property Group of Tampa in 2007, is now paid in full.

Broadway Promenade also comprises 186 luxury residential condominiums that are sold out and were turned over to the homeowners in 2009. “The residential component of Broadway Promenade sold out in 2009, at prices lower than we originally had hoped for but at prices that attracted customers who were seeking value,” Cummings says. “Ultimately, the value of this class A location was realized.”

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