Forest City Realty Trust Inc. has sold two more malls and a Bass Pro Shop Outdoor World as it continues its planned mall divestitures to the Australian investment firm, QIC. "We've reached an important milestone in the continued execution of this mutually beneficial portfolio-level transaction with our partner, QIC," Forest City CEO David J. LaRue said in a statement. "The dispositions of our regional malls to QIC, and our specialty retail centers to Madison International Realty, are central to Forest City's strategic transformation as a focused, urban placemaker with a strong balance sheet and an exceptional portfolio of multifamily, office and mixed-use assets in great markets." The Cleveland-based realty and investment company has shed:
- Westchester's Ridge Hill, a 1.2 million-square-foot, open-air regional lifestyle center in Yonkers, New York
- The Shops at Wiregrass, a 748,000-square-foot outdoor lifestyle village in Wesley Chapel, Florida
- Bass Pro Shops Outdoor World at Victoria Gardens in Rancho Cucamonga, California
The divestiture of the two lifestyle centers puts Forest City across the halfway point of its 10-mall portfolio transaction with QIC. The gross selling price for six regional malls, plus the Bass Pro Shops Outdoor World, was $1.2 billion, or $667.5 million at Forest City's share, and includes assumption by QIC of Forest City's share of debt on the assets of $335 million. As the malls change hands, so are associates in retail management and leasing, tenant coordination and property operations as well as associates in human resources, accounting and information technology, from Forest City to QIC. QIC now manages all 10 malls, including the phase two assets. The remaining four malls, which will transfer to QIC as Forest City secures replacement assets, are expected to sell for $1.9 billion, or $881 million, at Forest City's share, and includes assumption by QIC of Forest City's share of the debt on the four assets of $321 million. Those malls are:
- Victoria Gardens in Rancho Cucamonga
- Galleria at Sunset in Henderson, Nevada
- Promenade Temecula in Temecula, California
- Short Pump Town Centre in Richmond, Virginia
