Forest City Realty Trust Inc. sold its interest in Antelope Valley Mall in Palmdale, CA, to QIC.
The 1.2 million-square-foot regional mall is the third mall divestiture for Forest City, part of a 10-mall, approximately $3.175 billion (or $1.55 billion at Forest City's share) portfolio transaction with QIC. Sales of Forest City's interest in three additional malls in New York, Tampa and Pittsburgh to QIC are expected to close in early 2018.
The remaining four malls in the portfolio will be transferred to QIC under a fixed-price option with closing to take place as Forest City secures replacement assets or other opportunities into which it will redeploy its ownership stake in those malls.
“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 placemaker with a strong balance sheet and a high-quality portfolio of multifamily, office and mixed-use assets in great markets," David J. LaRue, Forest City president and CEO, said in a statement.