Ridgmar Mall in Fort Worth has been acquired by Ramrock Real Estate, LLC, which plans to turn the property into Ridgmar 30 Logistics Crossing. The proposed project calls for six Class A buildings totaling about 931,000 square feet.
The Dallas-based private equity firm announced the purchase Wednesday. The mall sits at Interstate 30 and State Highway 183, and Ramrock said the redevelopment is being planned with attention to its location near Naval Air Station Joint Reserve Base Fort Worth.
The sale follows JCPenney's recent announcement that its store at the mall will close later this year. Tony Creme, a partner at KBC Advisors Texas, said some retailers will continue operating for now, but the mall is expected to be demolished in full later in the process.
Ramrock has partnered with KBC Advisors and Lincoln Property Company for planning, leasing and project execution. The company also said it is working with the City of Fort Worth and Tarrant County on planning and entitlement efforts.
Creme said the acquisition came after a two-year-plus period of conversations with elected officials and community leaders about support for changing the mall site.
"The feedback was overwhelmingly positive, and as a result, our collective teams are excited to partner with the City of Fort Worth and Tarrant County to revitalize this blighted site which was once a vibrant hub of social and economic activity in the community," Creme said.
Ramrock said local officials supported the project's potential to bring investment, jobs and economic development to the area. Further timing details were not provided.
