GK Development, the Illinois-based owner of Ridgmar Mall in west Fort Worth, said Monday it has bought the Neiman Marcus anchor space from its Florida owner for $2.1 million.
The deal comes nearly two years after Neiman Marcus announced it will leave Ridgmar for a spot in the The Shops at Clearfork, a new open-air shopping center on the Edwards Ranch in southwest Fort Worth.
Neiman’s last day at Ridgmar is set for Jan. 28, and it will open Feb. 10 at The Shops at Clearfork, a spokeswoman said Monday. Neiman’s new store will be two stories and 90,000 square feet.
GK Development said the purchase of the Neiman space marks the next step in redeveloping the mall, located at Interstate 30 and Green Oaks Road, into a mixed-use project. Plans were first announced in January.
Never miss a local story.
“We are moving forward with our plans for the transformation of this property,” Garo Kholamian, president of GK Development, said in a statement. “This revitalization will brand Ridgmar Mall as a superior gathering destination for shopping, dining and entertainment. Our goal with these plans is to enhance the ultimate experience for its customers.”
The property was sold Sept. 19, according to deed records. GK Development bought the property under the name Ridgmar Anchor N and took a $1.575 million note on the property from Green Bank in Houston, records show.
Neiman’s opened its Fort Worth store in 1976. Its 170 employees are expected to transfer to the Clearfork location. Neiman’s lease expires at Ridgmar in 2017.
The 120,000-square-foot space at Ridgmar was sold by a partnership of Eversan LP and Sansteve Llc. out of Boca Raton, Fla., an entity of Kin Properties, a privately held commercial real estate investment company.
In January, GK Development said it was negotiating for space it didn’t own at the mall. It bought Ridgmar Mall in 2013.
Last year, GK Development also began a $3 million renovation of the mall, anchored by Dillard’s, Sears, J.C. Penney and Cinemark Theaters. Earlier this year, Dillard’s converted its space to a clearance center, and Macy’s shuttered its location.
GK Development doesn’t own any of the other anchor spaces, but Kholamian said he’d “certainly like to pick up more of those. We tend to hold our properties for a long time. This is a long-term commitment for us.”
The developer said the redevelopment is expected to include many new retail, entertainment and dining establishments. Plans currently are only at the concept stage, but Kholamian said they could be announcing new retailers and other users for the mall in a few months.
Kholamian said his company has begun meeting with city officials regarding the project.