RD Management Sells Former Kmart Property in Tolleson, Arizona for $5.5 Million
August 14, 2018
RD Management LLC, one of the nation’s largest privately held real-estate development and management organizations, has completed the sale of its former Kmart property in Tolleson, Arizona. New Generation Properties, LLC purchased the 86,479-square-foot vacant building located at 8701 West McDowell Road for $5.5 million.
“The key to staying competitive in today’s ever-evolving retail industry is focusing your efforts on growing in core markets and diversifying your portfolio to include sectors beyond retail,” said Richard Birdoff, principal and president of RD Management. “This approach has worked well for us at RD Management, and our sale in Tolleson is yet another example of us strategically disposing of a property where the proceeds can be reinvested in new real estate assets and opportunities.”
The property has ample parking and is located within minutes of hotels and retail destinations including Best Western Tolleson, Victory Inn, and Premier Inns Tolleson; fast-casual and popular chain restaurants Texas Roadhouse, Waffle House, and Jack In The Box; national retailers Sam’s Club, Starbucks, and The Home Depot; and several apartment home and condominium communities.
RD Management owns two properties in Arizona and has more than 150 properties in its national portfolio.