Boca firm sells interest in Neiman Marcus store
Kin Properties and a partner got $2.1 million for the anchor store at a Texas mall
October 08, 2016 11:00AM
Neiman Marcus store at the Ridgmar Mall in Fort Worth, Texas
A Boca Raton-based commercial real estate investment company and a partner sold the Neiman Marcus anchor store at a Texas shopping mall for $2.1 million, or $17.50 per square foot.
Boca-based, family-owned Kin Properties sold its interest the 120,000-square-foot Nieman store space at the Ridgmar Mall in Fort Worth, Texas, where Macy’s closed a store earlier this year.
The sale closed September 19, almost two years after Neiman announced plans to move to a smaller store in another Fort Worth retail center.
Neiman plans to move into a two-story, 90,000-square-foot store in an open-air shopping center called The Shops at Clearfork.
Neiman’s lease of its current store at the Ridgmar Mall is set to expire next year. Neiman Marcus has operated there since 1976. The store space was owned by an entity of Boca-based Kin Properties, called SanSteve LLC, in partnership with Eversan LP.
In 2013, a company called GK Development bought the Ridgmar Mall except for the Neiman Marcus store and other anchor spaces. Last year, GK launched a $3 million upgrade of the mall, anchored by Cinemark Theaters, Dillard’s, JCPenney and Sears. [Dallas Morning News] – Mike Seemuth
Source: The Real Deal