Ram Realty Advisors buys South End Business Park with plans for mixed-use project
Florida-based Ram Realty Advisors has snagged South End Business Park, a large property in lower South End that was marketed as a "once-in-a-generation" development opportunity.
Rachel Russell Krenz, Ram vice president of development, said she could not disclose the sale price. The deed was not yet available on the Mecklenburg County Register of Deeds website as of today. Krenz told Charlotte Business Journal the property will continue to operate as South End Business Park while Ram works through a rezoning and master planning effort over the next several years.
Ram filed a petition today with the city of Charlotte to rezone the property from business to transit-oriented development.
"We are undergoing a master plan process right now with Design Collective and LandDesign," she said. "It will be a true mixed-use (project), with office, hotel, residential, retail and green space. A big part of the conversation is going to be having great public space that is activated."
The 45.7-acre, 377,152-square-foot property hit the market in late April. JLL's Patrick Nally, Hunter Barron and Alexis Kaiser brokered the sale on behalf of Atlanta-based Stockbridge Capital. Stockbridge purchased the property for $10 million in 2013, according to Mecklenburg County real estate records.
Krenz said Ram's decision to go after the property was a no-brainer based on its knowledge of the South End and LoSo submarkets.
"We’ve done a lot of work in South End, so we know this submarket really well and know the capacity for the future of this area," she said. "To be located along a highway at a full-movement intersection where you get potential to connect to the region, that's also within walking distance to two light-rail stations, the possibilities are so unbelievable."
Originally constructed in phases from 1979 to 1984, the property was expanded in 2017 with the construction of a 14th building containing 50,000 square feet. The business park is currently 85.5% occupied. It has 53 tenants across 14 buildings, including American Red Cross, Map Shop, Southern Elevator Co., Jags Head Coffee and Redbud Group, according to previous CBJ reporting.
Ram Realty Advisors LLC acquires and develops retail, multifamily, and mixed-use properties in select high-growth markets throughout the Southeast. The investments are capitalized by Ram-sponsored discretionary private equity funds and institutional co-investment vehicles. Since 1996, Ram has deployed in excess of $3.5 billion of capital. Ram and its predecessor entities were founded in 1978. The company is headquartered in Palm Beach Gardens, Florida, and has offices in Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com
On behalf of Ram Realty Advisors:
Alchemy Communications Group
office: 561.935.9953 ext.101
Rachel Russell Krenz
Vice President of Development, Charlotte
Ram Realty Advisors