Ram Realty Services, a Palm Beach Gardens, Fla.-based real estate development firm, said it has purchased Home Depot’s Landscape Supply stores in Texas and Georgia.
The firm will pay $22 million for the 11 Landscape Supply stores; the deal includes five stores in the Atlanta area and six in the Dallas area. Home Depot shut the Landscape Supply stores in November 2007.
“Ram Realty Services is evaluating the portfolio to determine which sites will be sold to strategic users in the two markets and which will be redeveloped,” the firm said in a statement. “The sites range in size from 4.5 to 9 acres and contain a former Landscape Supply store building of approximately 12,000 square feet.”
Florida-based Ram Realty Services typically deals in the acquisition, development and redevelopment of commercial, multi-family and mixed-use real estate throughout the Southeast, with a focus on the major markets in Florida, Georgia and the Carolinas.
“This opportunity enabled us to move quickly to purchase an entire portfolio in two strong metropolitan areas at one time,” said Ken Baye, senior vp-development for Ram Realty Services. “With our southeastern focus, we will likely sell the Dallas assets; however, certain of the Atlanta locations lend themselves well to our strategy of adding value to infill locations and will likely be redeveloped.”