BARRINGTON, IL - GK Development, Inc., a real estate acquisition and development company, has acquired Ridgmar Mall, a 1.274 million-square-foot super regional mall located at I-30 and State Highway 183 in Ft. Worth.
“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 Ft. Worth,” said Garo Kholamian, president of GK Development, Inc.
‘Ridgmar Mall fits our core strategy of purchasing value-added properties that offer outstanding regional identity in strong economic markets with significant upside potential,” he added.
Ridgmar Mall is located on Ft. Worth’s fast growing west side and is the focal point of a strong retail hub, at the intersection of a primary interstate and a state highway, affording easy and convenient access to the area’s 750,000 consumers.
The shopping center is the only mall in Ft. Worth that offers five department stores including, Macy’s, Dillard’s, JCPenney, Sears and Neiman Marcus and a stellar line up of more than 120, brand name national and regional retailers. A successful Rave 13 Theater and a vibrant food court contribute to the mall’s draw as a shopping and entertainment center.
Ridgmar Mall was built in 1976, renovated in 2000 and expanded in 2003 to include the Rave 13 Theater. The facility encompasses 93.01 acres.
The shopping center’s location on I-30, the area’s primary east-west expressway, draws from a target market of more than 755,000 people, a population that is projected to expand by 7.7 percent in the next five years. Further, new communities are being developed west of the city where more than 42,000 new homes are platted within 10 miles and household incomes average more than $76,000.
The area’s diverse economy is bolstered by a skilled workforce, a favorable business climate and is home to numerous companies including American Airlines, Texas Health Resources, Lockheed Martin Aeronautics Co., BNSF Railway, Pier 1 Imports and GE Manufacturing Solutions. The Southside Medical District includes numerous medical facilities which employ roughly 20,000 people and is just five miles east of Ridgmar Mall.
“Retailers expansion plans favor existing properties that can provide first class space at competitive rents. Ridgmar Mall fits that criterion,” said Kholamian. “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,” he added.
The purchase price was not disclosed.
The acquisition marks the company’s second significant purchase in 2013 and its third acquisition in little more than a year.
In March 2013 the company acquired Lakeview Square Mall, a 559,059-square-foot regional mall in Battle Creek, Michigan. In February 2012, GK Development acquired Yorkshire Plaza, a 362,000- square-foot power center in Aurora, Illinois.
GK Development also manages Lufkin Mall, a 345,000-square-foot regional shopping center, located in Lufkin, Texas.
The seller wasMacerich® (NYSE: MAC), located in Santa Monica, CA.
About GK Development, Inc.
GK Development, Inc. has a portfolio of 6.4 million square feet of space in nine states. The Barrington, Illinois-based real estate company was founded in 1995. For more information, visit www.gkdevelopment.com.