Ridgmar Mall sold to Chicago-area real estate firm

Posted Wednesday, Oct. 09, 2013  comments  Print Reprints
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Ridgmar Mall, located off Interstate 30 and Green Oaks Road in west Fort Worth, has been sold to GK Development, a real estate company based in the Chicago area.

The purchase price was not disclosed.

Ridgmar Mall, which opened in 1976, has nearly 1.3 million square feet and sits on 93 acres. The mall was sold by Macerich Co. in Santa Monica, Calif., which had owned it since 2005 in a joint venture with Walton Street Capital of Chicago. At that time, Macerich, a publicly traded company, said it paid $71.1 million for the shopping center when it was about 80 percent leased.

“This was a rare opportunity to purchase a well-located regional shopping mall in one of the fastest-growing cities in the country,” Garo Kholamian, GK Development’s president, said in a statement. “Ridgmar occupies a unique position: It has five strong anchors including the only Neiman Marcus in Fort Worth.”

The other anchors are Macy’s, Dillard’s, J.C. Penney and Sears. The mall has about 120 other retailers and a 13-screen Rave Cinemas that opened in 2003. GK Development did not disclose the mall’s occupancy rate, but a market report this year from the real estate firm CBRE placed it at about 95 percent.

Marianne Fasano, a GK Development spokeswoman, said GK’s goal is to attract new retailers.

“Retailers’ expansion plans favor existing properties that can provide first-class space at competitive rents,” Kholamian said. “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.”

Shopco Group in New York bought the mall in 1997 and completed a $70 million renovation in 2000 and 2003 before selling to the Macerich group. At one time, the mall was owned by investors of the Kravco Co. in Pennsylvania and JCP Realty, a real estate unit of J.C. Penney.

In March, GK Development, in Barrington, Ill., a northwest suburb of Chicago, bought Lakeview Square Mall in Battle Creek, Mich. And last year, it bought Yorkshire Plaza in Aurora, Ill. GK Development said it also manages Lufkin Mall in Lufkin, in East Texas.

GK Development, founded in 1995, has a portfolio of 6.4 million square feet in nine states.

Sandra Baker, 817-390-7727 Twitter: @SandraBakerFWST

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