Done Deals: HFF closes sale of infill shopping center in Raleigh, NC

Saturday, June 29, 2019

HFF closes sale of infill shopping center in Raleigh, NC

Justin Good

CHARLOTTE, NC –– HFF announces the sale of 601 Midtown, an approximately 70,000-square-foot retail center anchored by Lifetime Fitness and located inside the beltline in Raleigh, North Carolina.

The HFF team represented the seller, a private investor. The property was acquired by an affiliate of Ram Realty Advisors. The new owner plans to renovate the center and develop additional retail outparcels on the site.

The approximately 70,000-square feet of retail space is currently 100% leased to an assortment of tenants, including Lifetime Fitness, Applebee’s, Papa John’s, Jimmy John’s and more.

Situated at 601 East Six Forks Road, the site is located between downtown Raleigh and North Hills and proximate to major employment and retail destinations.

Jeff Glenn

Additionally, it is adjacent to Midtown East, an iconic 173,000-square-foot future Wegman’s-anchored development with a curated mix of shops, restaurants and service users.

The HFF investment advisory team representing the seller consisted of managing directors Justin Good and Jeff Glenn; senior director Alan Lynch; and directors Sarah Godwin, Tom Kolarczyk and Caylor Mark.

“This is an exceptional opportunity to own a highly sought-after corner location in a thriving retail corridor,” Kolarczyk said. “We look forward to seeing Ram Realty Advisors’ long-term vision unfold in Raleigh and how synergies from the retail evolution in this area – like Wegman’s – are realized.”

Sarah Godwin

“This is a great time to bet on well-located retail, and 601 Midtown certainly checks that box,” Good added.

Holliday GP Corp. (“HFF”) is a North Carolina licensed real estate broker.

Allan Lynch

About Ram Realty Advisors

Ram Realty Advisors 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 $2.8 billion of capital.

The company’s assets are primarily operated by its management affiliate — 5/ten Management. Ram and its predecessor entities were founded in 1978.

The company is headquartered in Palm Beach Gardens, Florida, and has offices in Fort Lauderdale, Charlotte, Chapel Hill and Nashville.