(Chapel Hill, NC – January 25, 2019) – Ram Realty Advisors is already at work on its transformative plans for Chapel Hill’s University Place, and both current tenants and area residents express renewed hope for one of the Triangle’s oldest shopping centers.
The 40-acre property, purchased from Madison Marquette, has seen some positive developments in the last few years, with anchors Silverspot Cinema and gourmet grocer Southern Season joined by Harris Teeter grocery store, Stoney River Steakhouse & Grill, and Bartaco. Ram’s plans likely include multi-phase efforts to modernize the property.
“Our goal is to create a walkable town center, so our initial focus will be upgrading the existing buildings to fill in some of the gaps by converting interior mall space to outward-facing shops,” said Ram Realty Advisor’s Ashley Saulpaugh, Director of Investments. “That will include renovating the exteriors and enhancing the outdoors with new landscaping, seating, and public art.”
“There’s a whole host of uses we’re considering,” said Ram Realty Advisors’ CEO, Casey Cummings. “We want to bring balance and vibrancy to University Place. We will build buildings in the parking lots, although how and where they connect to the existing space is still in the planning and design phases. We’re also considering completely new uses of the property, including office, lodging, and residential.”
University Place is Ram’s third investment in the immediate area of Chapel Hill within the past three years. In 2016, Ram acquired nearby Elliott Square Shopping Center, a 70,000 SF retail center anchored by O2 Fitness. Ram also acquired the former Days Inn on Fordham Boulevard in 2017 and is currently under construction on a 272-unit midrise apartment community. Previously, Ram developed the mixed-use 140 West project on Franklin Street in downtown Chapel Hill.
South Florida-headquartered Ram has a long history in The Triangle, with plans to continue its commitment to the area.
Founded in 1978, Ram Realty Advisors is an affiliated group of companies and partnerships that acquire and develop retail, multifamily, and mixed-use 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 Realty Advisors operates and manages its own assets through an affiliated company, 5/ten Management. Ram is headquartered in Palm Beach Gardens, Florida and has offices in Fort Lauderdale, Florida; Charlotte, North Carolina; Durham, North Carolina; and Nashville, Tennessee.
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