Ram Realty scores $56M construction loan for Oakland Park mixed-use multifamily project with Sprouts Farmers Market

300-unit development will be built on site where Walmart once planned store

Miami /
Mar.March 03, 2021 02:30 PM
Ram Realty CEO Casey Cummings and the development site at 670 East Oakland Park Boulevard (Google Maps)

Ram Realty CEO Casey Cummings and the development site at 670 East Oakland Park Boulevard (Google Maps)

Ram Realty Advisors scored a $56 million construction loan for an Oakland Park mixed-use, multifamily project on a site where Walmart scrapped plans for a store.

Records show the Palm Beach Gardens-based firm, through affiliates RRPV Oakland Park MF and RRPV Oakland Park Comm, secured the loan for a planned 300-unit development with commercial space, including a Sprouts Farmers Market. Wells Fargo is the lender.

Ram Realty, led by Casey Cummings and Jim Stine, acquired the site last month for $16.5 million from Walmart affiliate Wal-Mart Stores East, after going through an approval process with Oakland Park and Broward County late last year.

Property records show RRPV Oakland Park MF paid $12.5 million for part of the 12 acres, and RRPV Oakland Park Comm paid $4 million for the remainder.

Project plans submitted to the county show 288 units will be built across several mid-rise buildings, as well as 12 townhouses, on 12 acres at 670 East Oakland Park Boulevard.

Property records show Walmart bought the site for $5 million in May 2012 from Adkins Holdings. It received development approval for a Walmart Supercenter in 2016, but scrapped the plan in 2019 and listed the site for sale.

The site currently is home to a 119,889-square-foot vacant building for a long-closed Kmart that will be demolished.

Developer Ram Realty also is an investor, renovator and manager of commercial real estate throughout the Southeast U.S., according to its website. Its other planned projects include a Walmart-anchored mixed-use development in south Miami-Dade County near Zoo Miami. It bought the land in September from the University of Miami for $10 million.

Ram isn’t the only one replacing a shuttered big-box store with a multifamily project. A closed Costco near Doral is to be redeveloped into 356-unit Alexan Fontainebleau Lakes after a joint venture purchased the site in December for $19 million.

Oakland Park has seen retail trade activity recently. Last month, The Shoppes of Oakland Forest sold for $11 million, and in November a Walgreens store at 3100 North Andrews Avenue sold for $7 million to Chicago-based private equity firm Oak Street Real Estate Capital.






    Related Articles

    arrow_forward_ios
    Los Angeles Chargers defensive end Joey Bosa buys a waterfront Fort Lauderdale house for $6M (Daniel Petroni Photography, Getty)
    $6M play: Los Angeles Chargers’ Joey Bosa picks up waterfront Fort Lauderdale home
    $6M play: Los Angeles Chargers’ Joey Bosa picks up waterfront Fort Lauderdale home
    Encore Capital’s Art Falcone and Vision Properties’ Fred Arena with 61 North University Drive in Plantation (Rescore, LoopNet)
    Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
    Art Falcone’s Encore Capital sells Plantation Walk office building for $58M
    JB Capital co-principals Jessica Giguere and Ben Karp with the retail center (Atlantic Retail, JB Capital)
    JB Capital and partner pay $26M for Fresh Market-anchored Jupiter retail center
    JB Capital and partner pay $26M for Fresh Market-anchored Jupiter retail center
    Rockpoint, InSite buy B Ocean Resort Fort Lauderdale for $127M
    Rockpoint, InSite buy B Ocean Resort Fort Lauderdale for $127M
    Rockpoint, InSite buy B Ocean Resort Fort Lauderdale for $127M
    Forte Capital Management buys Hollywood medical offices for $11M
    Forte Capital Management buys Hollywood medical offices for $11M
    Forte Capital Management buys Hollywood medical offices for $11M
    Fort Lauderdale Beach hotel portfolio trades for $27M
    Fort Lauderdale Beach hotel portfolio trades for $27M
    Fort Lauderdale Beach hotel portfolio trades for $27M
    Nuveen Real Estate CEO Mike Sales and one of the warehouses in the Weston Business Center (LoopNet, Nuveen)
    Nuveen pays $110M for industrial buildings in Weston
    Nuveen pays $110M for industrial buildings in Weston
    Pinnacle Housing to build affordable rentals in Hollywood
    Pinnacle Housing to build affordable rentals in Hollywood
    Pinnacle Housing to build affordable rentals in Hollywood
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...