The investment company QIC closed on an ownership stake in Antelope Valley Mall in Palmdale, California, its third closing in a 10-mall deal it signed with Forest City Realty Trust.
Forest City’s shares in the properties were valued at approximately $1.55 billion in the transaction. Full value of all the regional malls is close to $3.2 billion.
"The dispositions of our regional malls to QIC, and our specialty retail centers to Madison International Realty, are accelerating Forest City's transformation as a focused, urban place-maker, said Forest City President and CEO David J. LaRue.
Sales of Forest City's interest in three additional malls to QIC are expected to close in early 2018. The remaining four malls in the portfolio are expected to be transferred to QIC under a fixed-price option and to close as Forest City secures replacement assets or other opportunities into which it will redeploy its ownership stake in those malls.
The three malls expected to transact in early 2018 are Westchester's Ridge Hill in Yonkers, New York; The Shops at Wiregrass in Tampa; and Mall at Robinson in Pittsburgh. The remaining four malls in the deal are Victoria Gardens in Rancho Cucamonga, California; Galleria at Sunset in Henderson, Nevada; Promenade Temecula in Temecula, California; and Short Pump Town Centre in Richmond, Virginia.