The Real Deal Miami

Ram doubles down on Carolina’s Research Triangle

The Palm Beach Gardens firm buys a Chapell Hill retail center as it develops rentals in Durham

August 07, 2016 05:30PM

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Village Plaza in Chapel Hill

Village Plaza in Chapel Hill

Palm Beach Gardens-based Ram Realty Services paid $17.75 million for a shopping center in Chapel Hill, North Carolina — its second major acquisition in the state’s Research Triangle area in the past year.

Ram bought a Chapel Hill shopping center with almost 68,000 square feet and a 95 percent occupancy rate at the time of the purchase. The anchor tenant is a fitness club. The seller of the shopping center, called Village Plaza, is an investment fund managed by Mark Properties in Durham, North Carolina.

Mike Burkhard and Steve Shields in the Charlotte, North Carolina office of CBRE represented Mark Properties in the transaction.

Last December, Ram paid $41 million for a mixed-use property in Durham and plans to develop a 263-unit apartment building on the property.

Casey Cummings, CEO of Ram, said in a press release, “The Triangle’s unique combination of higher learning institutions and respected employers has created attractive economic conditions for development and value-add investment.” [Triangle Business Journal] — Mike Seemuth