CLEVELAND, OH - Forest City Realty Trust announced the completion of the second of three previously announced regional mall joint ventures with QIC, one of the largest institutional investment managers in Australia. Under the newest joint venture, QIC has acquired 49 percent equity interest in Ballston Quarter (formerly Ballston Common Mall), a 578,000-square foot retail mall in Arlington, Virginia, that is currently being redeveloped and will include a multifamily residential component.
A third joint venture for the Shops at Wiregrass, a regional mall near Tampa, Florida, is expected to close by mid-year. Together, the Ballston and Wiregrass joint ventures are expected to generate net proceeds to Forest City of approximately $60 million.
In February, 2016, the company announced the creation of a joint venture for Westchester's Ridge Hill, a regional mall developed in Yonkers, New York, that generated proceeds of approximately $90 million.
In addition to Ridge Hill and Ballston, Forest City currently has joint ventures with QIC at eight other regional malls: Victoria Gardens in Rancho Cucamonga, California; Charleston Town Center in Charleston, West Virginia; Mall at Robinson near Pittsburgh, Pennsylvania; Promenade in Temecula, California; Galleria at Sunset in Henderson, Nevada; Antelope Valley Mall in Palmdale, California; Short Pump Town Center in Richmond, Virginia; and South Bay Galleria in Redondo Beach, California.
Forest City Realty Trust, Inc. is a NYSE-listed national real estate company with $10.0 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States.