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FORT WORTH-After taking a few days to put finishing touches on a joint venture acquisition, Macerich Co. and Walton Street Capital LLC have publicly declared the win, saying they've spent $71.1 million for the 1.3-million-sf Ridgmar Mall in West Fort Worth.
The quietly orchestrated sale entails 339,000 sf of class A, renovated shop space and a 13-screen, stadium-style Rave Theater that's been credited with helping to turn around the corridor's retail market. According to the new owners, annual sales are hovering $300 per sf, up 9% increase from 2004. For previous story, click here. The 36-acre mall at 2060 Green Oaks Rd. is anchored by Foley's, JCPenney, Neiman Marcus and Sears.
In a press release issued this morning, the JV partners say they have inked a 50-50 pact for the mall, projected to have a $6.1 million NOI this year. To close the deal, the JV secured a $57.4-million loan at a fixed-rate interest of 6.07%.
The acquisition is the second one for the Santa Monica, Ca-based Macerich and Chicago-headquartered Walton Street Capital. The duo bought the mall last Friday from its seven-year owner, the New York-based Shopco Group, which took a tired mall, put it through a $70-million redesign and walked away as a local hero for the recent turnaround play. Locals were speculating that the JV paid significantly more than what it did as bets went down that the sale pulled in close to $90 million.
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