Ram Sells University Center
- Ram sells commercial shopping center to Jacksonville Retail Center DST
- University Center is a 102,798 SF property located in Jacksonville, Fla.
Palm Beach Gardens, Fla., June 5, 2015 — Ram Realty Services, a leading developer and real estate investment manager throughout the Southeast, is pleased to announce the sale of University Center to Jacksonville Retail Center DST, a Delaware statutory trust. CBRE Inc. brokered the sale.
The 102,798 square-foot shopping center is currently 100% occupied and is home to LA Fitness, TJ Maxx, Bealls Outlet, Dollar Tree, McDonalds and CVS. The most recent additions – TJ Maxx and Bealls Outlet – backfilled a former Stein Mart space in 2014 and have both reported strong customer acceptance and positive sales since opening earlier this year.
The asset is located in Duval County at the southeast corner of West University Boulevard and St. Augustine Road, and serves a diverse customer base. Duval County is home to more than 879,000 people, is the largest and most influential county in the region, and boasts an active retail market.
Ram acquired University Center as a part of its Community Reinvestment Partners Fund (CRP), from Melbourne Shopping Centers, Inc. Ram took title of the property on August 6, 2007, completed significant renovations throughout, including the façade, and brought the asset to its current stabilization.
Founded in 1978, Ram is an affiliated group of companies and partnerships that acquire, develop, manage and finance retail and residential properties in the Southeast. The group also selectively acquires debt secured by retail and residential properties. Ram is currently investing Ram Realty Partners III LP, a value-added fund targeting retail and multifamily properties in select high growth markets in the Southeast. Since 1996, the company has deployed $1.7 billion in real estate transactions. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale and Tampa, Florida and Charlotte, North Carolina. For more information, visit www.ramrealestate.com.