University Place mall in Chapel Hill has been sold.
Tenants of the mall, which was built in the early-1970s, received notice on Thursday afternoon saying that “as of today, University Place has been sold.”
The facility was rebranded as University Place in 2015 after previously being known as University Mall. The mall has been anchored by Southern Season and added Silverspot Cinema in 2015.
Chapel Hill Economic Development director Dwight Bassett said via email that a developer with several other properties in the area was taking over the mall.
“We are thrilled to have Ram Development to own and manage University Place. They were a good partner in 140 West and we believe that their ownership of University Place will bring good things for Chapel Hill’s future.”
Ram Development is a branch of Ram Realty, which owns Elliot Square in Chapel Hill, just up Fordham Boulevard from University Place, and is developing the Fordham Boulevard Apartment project currently under construction adjacent to Elliot Square.
An email seeking comment from Ram Realty sent on Thursday evening has not been responded to as of this post.
Various branches of Madison Marquette have owned and operated the roughly 365,000-square-foot mall since 2007.
County records did not reflect an update in ownership as of Friday morning since the 2016 sell of the mall for $60 million from Madison University Mall to the most recent iteration of Madison Marquette ownership.
WCHL moved its studios to University Place in October 2016.
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