GK Development Inc., a Chicago area real estate acquisition and development company, has acquired Ridgmar Mall, a super regional shopping center located at Interstate 30 and State Highway 183 in west Fort Worth. The seller was Macerich, located in Santa Monica, Calif. The purchase price was not disclosed.
The 1.274 million-square-foot shopping center has five anchor department stores, including the city’s only Neiman Marcus, Dillard’s, Macy’s, JCPenney and Sears. The facility also has a Rave 13 Theater, a food court and more than 120 brand-name national and regional retailers. “Ridgmar Mall fits our core strategy of purchasing value-added properties that offer outstanding regional identity in strong economic markets with significant upside potential,” said GK Development President Garo Kholamian in a news release.
Encompassing 93 acres, Ridgmar Mall was built in 1976, renovated in 2000 and expanded in 2003 to include the movie theater “Retailers’ expansion plans favor existing properties that can provide first-class space at competitive rents. Ridgmar Mall fits that criterion,” 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,” he added.
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, Mich. In February 2012, GK Development picked up Yorkshire Plaza, a 362,000- square-foot power center in Aurora, Ill. GK Development also manages Lufkin Mall, a 345,000-square-foot regional shopping center, located in Lufkin, Texas. GK Development, Inc. has a portfolio of 6.4 million square feet of space in nine states. The Barrington, Ill.-based real estate company was founded in 1995.