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
    Lloyd Jones Chairman and CEO Christopher Finlay and First Apartments at 701 Southwest First Street in Little Havana (Lloyd Jones, Premium Development)
    Lloyd Jones drops $92M for Little Havana apartments
    Lloyd Jones drops $92M for Little Havana apartments
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    Here are the resi projects planned for downtown Fort Lauderdale
    IMC Equity's Yorham Izhak with Festival Flea Market
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Festival Flea Market Mall in Pompano Beach to be replaced with warehouses
    Location Ventures founder and CEO Rishi Kapoor with a rendering of the Location Ventures proposed project on the left and a rendering of Codina Partners’ Regency Tower project on the right (Hamed Rodriguez Architect, Nichols Brosch Wurst Wolfe & Associates and Codina Partners, Location Ventures)
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    Coral Gables OKs Armando Codina’s rental tower, Location Ventures’ condos
    US HUD Secretary Marcia Fudge (Getty, iStock)
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    Julie Jones (Florida Luxurious Properties)
    Top Broward broker Julie Jones joins Douglas Elliman
    Top Broward broker Julie Jones joins Douglas Elliman
    Lee Associates' Matthew Jacocks along with a rendering of the 441 Arthouse project (Lee Associates, iStock)
    Developers plan Lauderhill mixed-use, multifamily development with 245 units
    Developers plan Lauderhill mixed-use, multifamily development with 245 units
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    arrow_forward_ios

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

    Loading...