Ram Realty Advisors have acquired 2218 and 2320 Toomey Ave., two of three buildings at The Quarter South End.
By Elise Franco | Staff Writer, Charlotte Business Journal | Jul 31, 2024 | Click here to view the original article
A portion of The Quarter South End, an adaptive-reuse development in Charlotte's Wilmore neighborhood, has changed hands.
Florida-based Ram Realty Advisors acquired two of the development's three buildings, totaling just over 100,000 square feet. The firm bought the properties for $18.6 million from a joint venture that includes Abacus Capital, FCP and Big Cypress Capital.
The mixed-use buildings — 2218 and 2320 Toomey Ave. — are currently 27% occupied and house Core24 Fitness and Clancy & Theys Construction. They are former warehouses that were redeveloped by Abacus, FCP and Big Cypress.
The three-building project, which totals about 140,000 square feet, delivered in 2023.
Ashley Saulpaugh, vice president of investment at Ram, said the firm has been heavily involved in the Charlotte market since 2006. The Quarter, Saulpaugh said, is an opportunity for Ram to take advantage of the growing West Tremont corridor.
“With this acquisition, we're targeting neighborhood retail, food and beverage, and office users for the project to complement the robust residential growth the immediate area as seen over the last few years," she said.
Foundry Commercial's John Ball and Claiborne Dandrige are handling office leasing at the property. Rebel Rebel CRE's Adam Williams is handling retail leasing.
Ram's Charlotte portfolio also includes Lowe’s Global Technology Center, Hub South End, Hawk, Three30Five and recently completed multifamily project The Everly. The firm operates a local office at 2100 S. Tryon St. in South End.
CBRE's Patrick Gildea, Matt Smith, Robert Hardaway, Adam Russ and Erin Varol represented the sellers in the transaction for 2218 and 2320 Toomey. Abacus Capital declined to comment this afternoon.
Abacus, FCP and Big Cypress will retain ownership of the third building at 2213 Toomey Ave., as well as 704 at The Quarter, a 306-unit multifamily community developed nearby at 704 W. Tremont Ave.
The joint venture acquired 2213 and 2218 Toomey in November 2020 for $7.6 million, then purchased 2320 Toomey in May 2021 for $9 million, according to previous CBJ reporting. The 6.7 acres where 704 at The Quarter was developed was acquired in July 2021 for $10.6 million, Mecklenburg County property records show.
ABOUT RAM
Ram Realty Advisors LLC 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 $4.5 billion of capital. Ram and its predecessor entities were founded in 1978. The company is headquartered in Palm Beach Gardens, Florida, and has offices in Tampa, Florida; Charlotte and Chapel Hill, North Carolina; and Nashville, Tennessee. www.ramrealestate.com
MEDIA CONTACTS:
On behalf of Ram Realty Advisors:
Angela Vogel Daley
Yellow Duck Marketing
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RAM CONTACT:
Ashley Saulpaugh
Vice President of Investments – Carolinas & Tennessee
Ram Realty Advisors