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.

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.

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. 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.

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. is a North Carolina licensed real estate broker.

About Madison Marquette

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. 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. Visit https://madisonmarquette.com to learn more.

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. To learn more, visit http://www.ramrealestate.com.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.