GlobeSt.com EXCLUSIVE: Holiday Shopping Bags 116,000 SF

FORT WORTH-The Chicago-based Rreef has grabbed its second retail deed in the region in six weeks in a “north of $14 million” deal for the fully leased, 116,000-sf Ridge Rock Plaza in southwest Fort Worth.

Dallas-based Direct Development, led by Syd Hurley and David Watson, opened behind-the-scenes negotiations with Rreef to execute a close in a 60-day start to finish. The sellers bought the asset in September 2002 and sold it Tuesday in a deviation from their normal MO as long-term holders. Declining cap rates and increased NOI allowed the seller to “realize most of the profit had we held it for 10 years,” Hurley tells GlobeSt.com. “We were in the right place at the right time.”

Ridge Rock Plaza’s appeal is a 10-acre location in a multi-million-sf retail corridor that includes Hulen Mall and Cityview. The just-sold, class A plaza’s tenant roster, with long term leases and no immediate roll, consists of Pier I, Michaels, Bed, Bath & Beyond, Ultimate Electronics and a year-old, 8,000-sf freestanding building leased to Mattress Firm, a nail salon and Freebirds World Burrito, a Dallas favorite set to open the new store in January. The center at 4921 Overton Ridge Blvd., with easy access to Interstate 20, sits a half-mile east of the proposed Southwest Freeway.