FORT WORTH-Coming off a $70-million renovation, the New York-based Shopco Group LP has sold the 1.3-million-sf Ridgmar Mall in West Fort Worth to a joint venture of the Macerich Co. and Walton Street Capital LLC.
Details about the deal weren't immediately available, but GlobeSt.com has confirmed that the guard has changed on the retail asset, a foundation for a corridor growing at breakneck speed as the metroplex pushes to expand. Shopco 129 LP acquired Ridgmar Mall at 2060 Green Oaks Rd. in 1997. Tarrant County has assessed the 36-acre submarket toehold at slightly more than $55 million.
Just the renovation tag alone set up a top-dollar sale of the 125-tenant property, anchored by Neiman Marcus, JCPenney, Dillard's, Sears and a 13-screen Rave Theater. The amount of owned versus leased space will be forthcoming when details start to come out about the acquisition by the Santa Monica-based Macerich and Chicago-headquartered Walton Street Capital.
Macerich has picked up its first deed in Fort Worth with the acquisition, but it does own the 1.3-million-sf NorthPark Center and 68,687-sf Valley View Center in North Dallas. The purchase takes the California retail kingpin's regional mall portfolio to an even dozen along with 65 regional centers in the US.
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