Fort Worth's Ridgmar Mall has a new owner.
According to a news release issued Wednesday, GK Development out of Chicago has bought the 1.2 million-square-foot mall located at Interstate 30 and state Highway 183 in West Fort Worth from California-based Macerich.
"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."
Ridgmar is the only mall in the city that offers five department stores -- Macy's, Dillard's, JCPenney, Sears and Neiman Marcus -- and also includes more than 120 other retailers, a theater and food court.
Sitting on 93 acres adjacent to the Naval Air Station Joint Reserve Base, Ridgmar Mall "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."
In the Lone Star State, GK Development also manages Lufkin Mall, a 345,000-square-foot regional shopping center in the East Texas town of Lufkin.
Terms of the deal were not disclosed.