RD Management Sells Fort Worth Shopping Center for $15 Million
March 8, 2017
RD Management LLC, one of the nation’s largest privately held real estate development and management organizations, has completed the disposition of its former Westcliff Shopping Center in Fort Worth, Texas. Consolidated-Tomoka Land Co. (NYSE MKT: CTO) acquired the 136,000-square-foot center for $15 million at a 6.28 percent cap rate.
Located at 3563 Alton Road, the property spans 10.3 acres and consists of four single-tenant buildings and one multi-tenant building situated on three land parcels. Tenants include Albertsons, Cook Children’s Health Foundation, Dollar General, and Ace Hardware. Downtown Fort Worth, Texas Christian University, and Worth Hills Golf Course are in close proximity.
“As a company, we are strategically repositioning our portfolio into a more diversified group of properties in terms of asset class and location,” said Richard Birdoff, principal and president of RD Management. “The sale of the Westcliff Shopping Center is one example of the implementation of that strategy. We intend to reinvest the proceeds of this sale into real estate assets in high density locations which may include real estate sectors beyond retail.”
RD Management recently acquired the 500,000-square-foot Shops at Tech Ridge in Austin, Texas and has more than 200 properties in its national portfolio.