The long-struggling Ridgmar Mall is getting a new life as a logistics center.
Ramrock Real Estate, a Dallas-based private equity firm, announced its acquisition of the mall Wednesday, with plans to redevelop the site as Ridgmar 30 Logistics Crossing, a six-building development of about 931,000 square feet.
The sale of the mall comes after one of the last retailers, JCPenney, announced plans to close its store there later this year. The news release did not say what would happen to the other retailers there. The mall, which opened in 1976, still has a Dillard’s outlet store, a movie theater and other small businesses.
Ramrock is partnering with KBC Advisors and Lincoln Property Company on the project.
The real estate equity firm is the developer behind the 8300 Douglas, a 12-story office building at another former mall in Dallas — Preston Center.
Bob Francis is business editor at the Fort Worth Report. bob.francis@fortworthreport.org.
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