University Center

  • Jun
    9

FL Times Union: University Center, a proven survivor among shopping centers, sells for $15 million

June 9, 2015

By Roger Bull via The Florida Times-Union

The University Center shopping center, which survived the departure of both Publix and Stein Mart, has been sold for $15,750,000.

Ram Realty Services of Palm Beach Gardens bought the center at 3600 University Blvd. W. for $5.6 million in 2007. But since then, it lost both its anchors.

Publix moved to a new, much larger building across the street at University Boulevard and St. Augustine Road. Then Stein Mart moved a mile west to the Lakewood Shopping center.

But L.A. Fitness moved into the Publix space in 2013 after a complete $2 million rebuild. TJ Maxx and Bealls Outlet opened this year, each taking about half the space that Stein Mart had occupied.

With Dollar Tree, CVS and a McDonald’s, the 102,798-squafe-foot center is now 100 percent occupied.

Jacksonville Retail Center DST, a Delaware statutory trust affiliated with The Inland Real Estate Group of Companies of Oakbrook, Ill., bought the center.

  • Jun
    8

Ram Sells University Center

June 8, 2015

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.
University Center - Jacksonville, Florida University Center - Jacksonville, Florida

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.

About Ram

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.

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