Leon Stafford – The Atlanta Journal-Constitution
A Florida real estate firm has purchased the stores of Home Depot’s defunct Landscape Supply chain.
Ram Realty Services, a developer in Palm Beach Gardens, bought the properties — – which include five stores in metro Atlanta and six in the Dallas-Fort Worth area — for $22 million, the company said Wednesday.
“This opportunity enabled us to move quickly to purchase an entire portfolio in two strong metropolitan areas at one time, which fits in nicely with our overall strategy,” Ken Baye, Ram’s senior vice president of development, said in a statement Wednesday.
Home Depot launched Landscape Supply, which sold plants, shrubs and trees to doit- yourself gardeners and professional landscapers, in 2002.
Analysts expected the chain to expand beyond Georgia and Texas, but the concept never took off. Home Depot shut down the concept in November, saying the Atlanta based giant wanted to concentrate on its regular warehouse business.
The stores cover about 12,000 square feet and sit on sites of 4.5 acres to 9 acres. Baye said some of the Atlanta locations could be redeveloped, while the Dallas properties would probably be sold.