RD Management Sells Fort Worth Shopping Center for $15 Million
NEW YORK—March 7, 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.
About RD Management
Specializing in the retail sector for more than 40 years, RD Management owns and operates more than 18 million square feet of neighborhood and community shopping centers throughout the United States and Puerto Rico. With a portfolio of 200+ properties, spanning the retail, office, residential, mixed-use, hospitality, self-storage, and senior housing sectors, RD Management is consistently ranked among the nation’s largest, privately held, real-estate development and management organizations. RD Management maintains in-house expertise in leasing, property management, construction and development, accounting and finance, legal and information technology services. For more information visit www.rdmanagement.com.