Forest City Sheds 1.2 MSF Shopping Mall
The company sold the Los Angeles-area asset to QIC as part of a 10-mall portfolio transaction expected to close this year.
By Jeff Hamann
Antelope Valley Mall in Palmdale, Calif.
QIC has acquired Antelope Valley Mall in Palmdale, Calif., from Forest City Realty Trust. The 1.2 million-square-foot sale is part of a larger, 10-property retail portfolio transaction between the two parties. Forest City’s share in the portfolio is valued at $1.6 billion.
The shopping center is located at 1233 Rancho Vista Blvd., just off of Aerospace Highway and approximately five miles west of Palmdale’s regional airport. Featuring more than 130 shops and a food court, the property opened in 1990 and was most recently renovated in 2007. The anchor tenants are Sears, J.C. Penney, Macy’s, Dillard’s and Forever 21.
More sales to come
The portfolio encompasses three other buildings set to change ownership later this year: Westchester’s Ridge Hill in Yonkers, N.Y, The Shops at Wiregrass in Tampa, Fla., and the Mall at Robinson in Pittsburgh. As soon as Forest City will secure replacement assets, it will also dispose of another four retail centers:
- Victoria Gardens in Rancho Cucamonga, Calif.
- Galleria at Sunset in Henderson, Nev.
- Promenade Temecula in Temecula, Calif.
- Short Pump Town Centre in Richmond, Va.
“This closing continues the execution of this win-win portfolio-level transaction with our partner, QIC,” said David LaRue, Forest City president & CEO, in prepared remarks. “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.”
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