MADISON MARQUETTE SELLS RAMS PLAZA FOR $13.25M

CHAPEL HILL, N.C. — Madison Marquette has sold the 113,000-square-foot Rams Plaza, a shopping center located at 1728 Fordham Blvd. in Chapel Hill, to a joint venture in a direct deal for $13.25 million. Food Lion and CVS/pharmacy anchor the center. A joint venture entity known as Rams Plaza Associates, headed by The Kalikow Group, the buyer, plans to renovate the center, spending a minimum of $1.5 million on the façade and improving the overall site and tenant spaces. Argus Development Group, a partner through its ARGUS RAMS PLAZA, LLC subsidiary, is responsible for the approval process, renovations and management of the property. BCP RAMS PLAZA, LLC, a Florida-based limited liability company, is the third member of the joint venture acquisition team. Retail Strategies is the leasing agent for Rams Plaza.