U.S. real estate investment services firm Ram Realty Advisors has acquired University Place, a 372,190-square-foot shopping center in Chapel Hill, North Carolina.

Ram Realty bought the property from Washington-based mixed-use real estate developer Madison Marquette.

University Place is anchored by tenants which include Planet Fitness, Southern Season, Harris Teeter and SilverSpot Cinema.

The 39.5-acre property, acquired for $51.5 million, was initially constructed in 1973 and most recently upgraded in 2013.