Real Deals: GK Development goes shopping, buys mallOctober 13, 2013
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 Texas 183 in west Fort Worth.
The seller was Macerich of Santa Monica, Calif.
The purchase price was not disclosed.
The 1.274 million-square-foot shopping center on 93 acres has five anchor department stores, including the city’s only Neiman Marcus, Dillard’s, Macy’s, JCPenney and Sears. The center 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.
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,” he added.
It is the company’s second significant purchase in 2013 and its third 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 in Lufkin. GK Development Inc. has a portfolio of 6.4 million square feet of space in nine states. The company was founded in 1995 and is based in Barrington, Ill.
– Betty Dillard
Atlas Resource inks Sundance deal
The Fort Worth office of Atlas Resource Partners LP, an oil and gas exploration and production company, has completed a lease for more than 24,000 square feet of space in The Westbrook, one of Sundance Square’s new buildings opening in November.
Atlas will move into the entire third and fourth floors, taking 13,874 square feet on the third floor and 10,777 square feet on the fourth floor. The six-story Westbrook is located on the west side of the new plaza at 425 Houston St. and features more than 81,000 square feet, including 12,393 square feet of retail space.
Robert Gamblin, senior leasing representative, and Bill Booker, director of leasing with Sundance Square, and Mark Schumacher, executive vice president of Atlas Resource Partners, negotiated the deal.
Sundance Square is nearing the end of construction on the new plaza, which broke ground in May 2012. The project includes three new buildings, restaurants, shops, fountains, a stage and seating throughout the plaza. The opening celebration is slated for Nov. 1-3.
Atlas Resource Partners is an exploration and production master limited partnership that owns an interest in more than 12,000 producing natural gas and oil wells primarily in Appalachia, the Barnett Shale, the Raton Basin and Black Warrior Basin.
– Betty Dillard
Flower Mound pizza, apparel
Mellow Mushroom will open a 5,500-square-foot restaurant in the River Walk Market on the northeast corner of FM 2499 and FM 1171 in Flower Mound. The gourmet pizza restaurant is expected to open in 2014.
With original artwork, various design styles and custom signage, the Flower Mound Mellow Mushroom will be unlike any other location, according to the company. This will be the company’s 11th restaurant in Texas.
CustomInk, a customizable apparel e-commerce company, will soon open its first central U.S. location in Flower Mound’s Lakeside Business District. CustomInk has consistently been ranked on Inc. Magazine’s list of fastest-growing private companies and received numerous awards for customer service and corporate culture for employees.
“CustomInk opening its doors in Flower Mound is a win-win for our community,” said Flower Mound Mayor Tom Hayden. “We continue to grow the job base in Flower Mound, which strengthens our property values and increases our ability to attract restaurants and retail to our town. CustomInk will add approximately 160 jobs to our community, and this is just one of several corporate headquarters to relocate to Flower Mound this year.”
CustomInk is also expected to add $240,000 to the town’s annual sales tax revenue. Headquartered in Virginia, CustomInk signed a 10-year lease agreement at 1600 Lakeside Parkway for 52,000 square feet of space that will serve as a production and distribution facility.
Leases, etc. …
Corbet Wingard & Ray Inc. has leased 11,717 square feet of office/warehouse space at 915 W. Mayfield Road, No. 101, in Arlington. Todd Hubbard of NAI Robert Lynn represented the tenant and Jordan Foster of Peyco represented the landlord. … Ranshu has purchased 24,125 square feet of office/warehouse space at 6642 Baker Blvd. in North Richland Hills. Todd Hubbard of NAI Robert Lynn represented the buyer and Allen Gump of Colliers represented the seller. … Southern Wood Flooring & Supply Inc. has leased 25,000 square feet of office/warehouse space at 7450 Whitehall St. in Richland Hills. Todd Hubbard and Michael Newsome of NAI Robert Lynn represented the landlord and Newmark Grubb Knight Frank represented the tenant. … Panther FW Investments LLC of Fort Worth has sold Arbor Vista, a 196-unit Class B multifamily property in Dallas, to an out-of-state buyer. The apartment complex at 9850 Whitehurst Drive offers studio, one-, two- and three-bedroom floor plans plus amenities such as commercial-grade playgrounds, barbecue and picnic areas and a clothes care center. Panther bought the asset in 2010. … Marcus & Millichap has brokered the sale of a 45,346-square-foot property net-leased by Sonic Restaurants Inc. at 8661 N. Beach St. in Fort Worth. Sonic has more than eight years remaining on the lease and multiple five-year extension options. Vincent Knipp of Marcus & Millichap’s Fort Worth office represented the seller, a partnership. Alex Bouchard and Gus Lagos of Marcus & Millichap’s Houston office secured the buyer, also a partnership.
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