Jacaranda Plaza is a 173,000 square foot shopping center anchored by Publix, Stein Mart and CVS. In October 2011, Ram acquired the sub-performing senior loan on the property for ~55% of par from a special servicer on behalf of a CMBS trust through the Auction.com platform. Title to the property was obtained in 2012, within 5 months of closing.
Ram completed significant improvements to Jacaranda Plaza in 2013, including facade enhancements, fresh landscaping, and a roof replacement. Ram also added Planet Fitness and Dollar Tree to an already-strong tenant mix, including anchors Publix and Stein Mart, and a diverse mix of shop tenants, such as Regions Bank, T-Mobile, GNC and Gamestop. In April 2016, the center was sold to an institutional buyer.