Forest City acquires Macy’s Home Store at Ballston Common
Arlington, Va. — Forest City has acquired Macy’s Furniture Store building at the Ballston Common Mall from Macy’s. Forest City, the owner, developer and manager of the mall, plans to redevelop the property and add mixed uses including residential and office. The Home Store, which is connected to the mall on three levels, is the first step in the redevelopment.
The proposed multi-phase development plans, which must be approved by the Arlington County Board, would include demolition of the former furniture store structure, the redevelopment of new retail space on three levels with a residential building constructed above.
Overall, Forest City plans to update the existing mall, to be known upon completion as Ballston Center, into a transit-oriented, urban mixed-use center featuring an enhanced blend of restaurants, entertainment and other contemporary upscale retail options to better serve the changed and exceptional demographics within the primary market.
Plans also call for the renovation existing office space above Macy’s, which would be marketed to office tenants.
PREIT completes sale of two power centers
Philadelphia — Pennsylvania Real Estate Investment Trust has completed the sales of two power center properties. In two separate transactions, PREIT sold Christiana Center in Newark, Del., and Commons at Magnolia in Florence, S.C. for $87.3 million. The proceeds represent a blended cap rate of 6.8%. Gains on the sales totaled approximately $45.4 million.
In connection with these transactions, the buyer assumed the $49.2 million mortgage loan secured by Christiana Center.
PREIT carried out the two sales in conjunction a strategic plan to dispose of non-core properties and reduce debt to strengthen its balance sheet. During 2013, non-core property sales have enabled the company to pay down $359 million in debt.
Camden Village in suburban Atlanta sells
Atlanta — A private investor from the Atlanta, suburb of Johns Creek has acquired Camden Village Shopping Center from a California corporation. According to Marcus & Millichap of Atlanta, which represented the seller and buyer in the transaction, the purchase price totaled $6,150,000.
The center includes popular local tenants like Marlow’s Tavern and Noche Restaurant among others.