FORT WORTH-Partners Macerich Co. and Walton Street Capital LLC have ended their hold of the 1.2-million-square-foot Ridgmar Mall, selling it to GK Development Inc. of Chicago. The acquisition is GK Development's second significant purchase in 2013, and its third since early 2012.
With its "official" address on the 2000 block of Green Oaks Rd., the regional supermall is situated on more than 93 acres at Interstate 30 and SH 183. “This was a rare opportunity to purchase a well located regional shopping mall in one of the fastest growing cities in the country. Ridgmar occupies a unique position: It has five strong anchors including the only Neiman Marcus in Fort Worth,” comments Garo Kholamian, president of GK Development Inc.
Ridgmar Mall was built in 1976, renovated in 2000 and expanded in 2003 to include the Rave 13 Theater. The shopping center is the only mall in Fort Worth with five department store anchors including Macy's, Dillard's, JCPenney, Sears and Neiman Marcus, in addition to more than 120 national and regional retailers.
"Retailer expansion plans favor existing properties that can provide first class space at competitive rents. Ridgmar Mall fits that criterion,” Kholamian says. “Our objective is to aggressively seek new retailers to complement the current roster of name brand retailers and provide an enhanced shopping experience for our guests."
In 2005, GlobeSt.com reported partners Macerich and Walton Street Capital buying the mall for $71.1 million. The most recent sales price was not disclosed. George Good of CBRE represented the seller. Jeffries LoanCore and Singerman provided financing for the transaction. Melissa Pielet of M Capital Partners Inc. arranged the financing for GK Development.
In March 2013, GK Development acquired Lakeview Square Mall, a 559,059-square-foot regional mall in Battle Creek, MI. In February 2012, GK Development acquired Yorkshire Plaza, a 362,000- square-foot power center in Aurora, IL. GK Development also manages Lufkin Mall, a 345,000-square-foot regional shopping center, located in Lufkin, TX.
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