Ram Realty Takes Design Center for $29M

CHARLOTTE, NC-Palm Beach Gardens, FL-based Ram Realty Services has acquired the Design Center of the Carolinas for $28.6 million. The center is a three-building complex with 188,146 sf of office, showroom and studio space.

Among buildings in the complex are the 42,000-sf Courtyard at 101 West Worthington Ave., the 40,000-sf Atrium at 127 West Worthington Ave. and the 80,000-sf Plaza at 1930 Camden Rd. Rents for the space range from $17 to $18.50 per sf.

“The property is located in a great neighborhood with a lot of walkable streets and eclectic shops,” Ram Realty Services president Casey Cummings tells GlobeSt.com. “It is also adjacent to a soon-to-be-opened light rail stop.”

The sellers were Camden Square Associates LLC and CVS LLC. Ram assumes the operation of the center and also plans to build additional commercial space and multifamily housing. There is two acres of vacant land on the property, which is currently being used for parking. Although details of the development have not yet been determined, Ram plans to invest $110 million in the property, a figure which includes the acquisition cost, Cummings says.

Cummings adds that the acquisition is a reflection of the company’s continued expansion within the Southeast, including Raleigh, Charlotte and Atlanta. “We’ve been scouting these markets for opportunities that are exciting and have enough scale to them,” he says. “We will continue to do so.”