{"id":1004204917,"date":"2018-01-30T00:45:20","date_gmt":"2018-01-30T08:45:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004204917"},"modified":"2022-12-08T18:21:04","modified_gmt":"2022-12-09T02:21:04","slug":"forest-city-sheds-1-2-msf-shopping-mall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/forest-city-sheds-1-2-msf-shopping-mall\/","title":{"rendered":"Forest City Sheds 1.2 MSF Shopping Mall"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004204923\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004204923\" data-attachment-id=\"1004204923\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/forest-city-sheds-1-2-msf-shopping-mall\/antelope-valley-mall-in-palmdale-calif\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Jeffrey Hamann&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1516889545&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Antelope Valley Mall in Palmdale, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Antelope Valley Mall in Palmdale, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg?w=800\" class=\"wp-image-1004204923 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg\" alt=\"Antelope Valley Mall in Palmdale, Calif.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Antelope-Valley-Mall-in-Palmdale-Calif..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004204923\" class=\"wp-caption-text\">Antelope Valley Mall in Palmdale, Calif.<\/p><\/div>\n<p>QIC has\u00a0acquired 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 <a href=\"https:\/\/www.commercialsearch.com\/news\/forest-city-initiates-major-retail-selloff\/\">retail portfolio transaction<\/a> between the two parties. Forest City&#8217;s share in the portfolio is valued at $1.6 billion.<\/p>\n<p>The shopping center is located at 1233 Rancho Vista Blvd., just off of Aerospace Highway and approximately five miles west of Palmdale\u2019s 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\u2019s, Dillard\u2019s and Forever 21.\u00a0\u00a0<\/p>\n<h2>More sales to come<\/h2>\n<p>The portfolio encompasses three other buildings set to change\u00a0ownership later this year:\u00a0Westchester\u2019s 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\u00a0dispose of another four retail centers:\u00a0<\/p>\n<ul>\n<li>Victoria Gardens in Rancho Cucamonga, Calif.<\/li>\n<li>Galleria at Sunset in Henderson, Nev.<\/li>\n<li>Promenade Temecula in Temecula, Calif.<\/li>\n<li>Short Pump Town Centre in Richmond, Va.<\/li>\n<\/ul>\n<p>\u201c<em>Thi<\/em>s<em>\u00a0closing continues the execution of this win-win portfolio-level transaction with our partner, QIC,\u201d<\/em>\u00a0said David LaRue, Forest City president &amp; CEO, in prepared remarks.\u00a0<em>\u201cThe dispositions of our regional malls to QIC and our specialty retail centers to Madison International Realty are accelerating Forest City&#8217;s transformation as a focused, urban\u00a0placemaker\u00a0with a strong balance sheet and a high-quality portfolio of multifamily, office and mixed-use assets in great markets.\u201d<\/em><\/p>\n<p><em>Image via Google Maps<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company sold the Los Angeles-area asset to QIC as part of a 10-mall portfolio transaction expected to close this year.<\/p>\n","protected":false},"author":861,"featured_media":1004204923,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21742,21749,15],"tags":[38946,33592,38136,33353,38703,38719],"class_list":["post-1004204917","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-latest","category-retail","category-west","tag-dillards","tag-forest-city-realty-trust","tag-jcpenney","tag-macys","tag-qic-global-real-estate","tag-sears"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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