Chapel Hill retail center Rams Plaza off Fordham Boulevard has sold to new owners for more than $21 million, following $2 million renovations made to the plaza.

This purchase is the first out-of-state retail investment that the buyer, an affiliate of Austin Sumner Properties of Athens, Georgia, has made, according to the Triangle Business Journal.

Previous owners were real estate developers The Kalikow Group of New York, Breakers Capital Partners of Miami and Argus Development Group of Charlotte. The businesses jointly bought the plaza in 2011 for $13 million.

Following the purchase, Rams Plaza Associates LLC began building and tenant renovations that included new building facades to Food Lion and surrounding retail space. A new CVS was also built on a previously undeveloped portion of the site.

These renovations to the 128,000-square-foot space improved the value of the plaza and were the first that the plaza had seen since it was built in 1982.

“We’re very happy to have made the significant capital and tenant improvements that helped to drive the value of the property to its final selling price. We and our JV partners always saw great potential in the property and feel we’ve executed well on our vision and our plan,” said Greg Kalikow, Kalikow Group Vice President, in a statement about the deal.

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