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| University Place, Chapel Hill, NC |
MIAMI, FL – January
10, 2019 – HFF announces the $51.45 million sale of University Place, a
372,190-square-foot retail center anchored by a Harris Teeter, SilverSpot
Cinema, Planet Fitness and Southern Season in Chapel Hill, North
Carolina.
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| Kim Flores |
The HFF team marketed
the property on behalf of the seller, Madison Marquette. The property was
acquired by an affiliate of Ram Realty Advisors. This is Ram’s third
acquisition in the immediate sub-market in the last 18 months.
 |
| Daniel Finkle |
Situated on 39.5 acres
at 201 South Estates Drive, University Place was originally developed in 1973
as the only enclosed mall in Chapel Hill, which is part of the Raleigh
MSA.
The property is located at the intersection of South Estes Drive and
North Fordham Road (NC Route 15/501), a main thoroughfare that connects the
property to the University of North Carolina at Chapel Hill, which is three
miles away and has an enrollment of approximately 30,000 students.
Additionally, the area surrounding University Place is a commercial hub, and
the center is exposed to 37,000 vehicles per day. More than 32,230
residents earning an average annual household income of $133,530 live within a
three-mile radius of the property.
University Place was
renovated and expanded in 2013 by Madison Marquette as part of a multi-phase
redevelopment plan.
 |
| Richard Reid |
In addition to Harris Teeter, the property is home to
dozens of tenants, including Southern Season, Planet Fitness, Silverspot
Cinema, Burlington Shoes, City Kitchen, Chick-fil-A, Bath & Body Works,
AT&T, Stoney River Steakhouse and Grill and Bartaco.
“We are fortunate to
have the opportunity to acquire the dominant retail asset in the Chapel Hill
trade area” stated Casey Cummings, Ram’s CEO. “The work that Madison
Marquette started several years ago has set the stage for the next iteration of
University Place. We look forward to creating a vibrant commercial
environment that responds to the current needs of the community.”
Ram also owns and is
renovating Elliot Square, a 69,000-square-foot shopping center, and is
developing 272 apartments on an adjacent site.
 |
| Casey Cummings |
The HFF investment
advisory team that arranged this transaction included senior managing director
and co-head of HFF’s retail practice
Daniel Finkle, senior managing director
Richard Reid, managing director
John Owendoff, senior directors
Jordan Lex and
Tom Kolarczyk and senior associate
Kim Flores.
Holliday GP Corp.
(“HFF”) is a North Carolina licensed real estate broker.
Madison Marquette
merged operations with PMRG in June 2018 to create a new leader in commercial
real estate.
The firm offers PMRG’s leasing, property management,
investment management and development services, combined with Madison
Marquette’s specialized development, investment and marketing expertise.
 |
| John Owendoff |
Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s
office, medical, industrial and multi-family capabilities to provide national
leadership across asset classes.
PMRG’s dominance in the southern
U.S. combines with Madison Marquette’s presence in primary gateway markets on
both coasts to serve the top institutional owners and investors in the
industry.
The company provides leasing and management services to a
diverse portfolio of 330 assets in 24 states and manages an investment
portfolio valued at over $6 billion. The combined company is
headquartered in Washington, D.C. with a major presence in Houston, Texas, and
will be transitioning to the Madison Marquette brand in the fourth quarter of
2018.
With 600 professionals in 13 regional markets, the merged firm is a
member of the Capital Guidance group of companies.
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.
 |
| Tom Kolarczyk |
CONTACTS:
DANIEL
FINKLE
HFF Senior Managing
Director
(305) 448-1333
THOMAS KOLARCZYK
NC Lic. #276931
HFF Director
(704) 526-2800
KIMBERLY STEELE
HFF Digital
Content/Public Relations Specialist
(713) 852-3420
