Fort Worth: 1.3 million-sf Ridgmar Mall sold

FORT WORTH – Ridgmar Mall, located off I-30 and Green Oaks Rd., has been sold to GK Development. The mall, which opened in 1976, has nearly 1.3 million sf and sits on 93 acres.

The mall was sold by Macerich Co., which had owned it since 2005 in a joint venture with Walton St. Capital. At that time, Macerich paid $71.1 million for the shopping center when it was about 80 percent leased.

The other anchors are Macy’s, Dillard’s, J.C. Penney and Sears. The mall has about 120 other retailers and a 13-screen Rave Cinemas that opened in 2003. GK Development did not disclose the mall’s occupancy rate, but a market report this year from the real estate firm CBRE placed it at about 95 percent.

The mall underwent a $70 million renovation between 2000 and 2003.