As Wegmans preps to open its first North Carolina store on Wake Forest Road in Raleigh, retail spots around the superstore location are trading at a fast clip.
Two Raleigh properties at the corner of Six Forks and Wake Forest roads – that include three eateries, a workout club, a paint store and a car rental business – has been sold for about $11 million.
On the corner sits an Applebee’s Grill & Bar with a Jimmy John’s sandwich shop and a Papa John’s pizza next to it in a building that includes a Benjamin Moore paint store. Behind a parking lot with well more than 200 spaces is a Life Time Fitness and an Enterprise Rent-A-Car.
Ram Realty Advisors, with its Charlotte office registered with the N.C. Secretary of State’s office, purchased the properties from JG Investments, which is the official entity of Davidson & Jones Corp. of Raleigh. Ram Realty’s home office is in Palm Beach Gardens, Fl.
The nine acre-plus sites were part of the Seby Jones Revocable Trust. Jones was a local businessman who served as mayor of Raleigh from 1969-1971 and co-founded Davidson and Jones.
Ram Realty buys, develops, “fixes” and operates shopping centers and apartment communities in seven major markets in the Southeast – Atlanta, Charlotte, Nashville, Orlando, Raleigh, South Florida and Tampa.
As construction at Wegmans has ramped up at the site, development on adjacent properties has gained steam. In November, Loden Properties and Summit Hospitality Group bought a neighboring parcel for $3.149 million and is working on a 6-story Hampton Inn & Suites, expected to be complete in the first quarter of 2020.