Dec
21

Chapel Hill Retail Center Sold

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The Rams Plaza shopping center property in Chapel Hill has been sold to a trio of investors from Charlotte, New York and Florida that plan to make at least $1.5 million in renovations and improvements to the aging property.

The Kalikow Group of Westbury, N.Y., through a newly formed joint venture partnership with Argus Properties of Miami, paid $13.25 million for Rams Plaza to the property’s former owner, Madison Marquette of Washington, D.C.

Madison Marquette had paid $13.1 million for the property in 2007 in a deal that also included the purchase of the University Mall property in Chapel Hill. Rams Plaza was built in 1982 at 1728 Fordham Blvd., and is anchored by a Food Lion grocery store, the Bailey’s Pub restaurant and a CVS pharmacy store. The property has 113,557 square feet of space and was 94 percent occupied in the third quarter, according to Triangle Business Journal’s quarterly Space survey.

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MORE INFO ON RAMS PLAZA HERE

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