Forest City takes full ownership of Robinson Mall
Forest City Enterprises said on Thursday that it has acquired full control of the 12-year-old Mall at Robinson following the purchase of the 28 percent stake that was owned by minority partner Zamagias Properties of Pittsburgh.
The Cleveland-based real estate developer said it also sold its 50 percent interest in the Plaza at Robinson Town Centre to Zamagias. Forest City did not disclose the price of either transaction but said they would result in net cash proceeds of $7.75 million.
Both properties are on the same large tract but in different locations. The moves were part of the company's strategy to focus on large regional malls, such as Robinson, said Forest City spokesman Jeff Linton.
“We have been managing The Mall (at Robinson) and don't expect any changes at the mall as a result of our full ownership,” Linton said.
Forest City has been eliminating strip centers, specialty malls and power malls where a grocery store or a major store is the anchor tenant from its portfolio to focus on regional malls, he added.
However, Forest City will continue to focus on its specialty retail centers in the New York City metropolitan area, said David J. LaRue, Forest City president and chief executive officer.
The two-level Mall at Robinson, with more than 150 stores and services, covers 200 acres and contains 872,000 square feet — the size of about 17 football fields. It opened in 2001.
The Plaza, with 456,029 square feet, is on both sides of Park Manor Drive. On one side is IKEA along with D&W Shoes, PNC Bank, Office Max and other stores or restaurants. On the other side, tenants include Marshall's, T.J. Maxx, HomeGoods, Value City and JoAnn's.
Forest City has two of its remaining Pittsburgh-area properties on the market. They are Liberty Center, downtown, and Station Square on the South Shore. Linton said there was nothing new to report on either property, which are being marketed through Jeff Ackerman, managing director of CBRE Inc. of Pittsburgh.
Sam Spatter is a staff writer for Trib Total Media. He can be reached at 412-320-7843 or firstname.lastname@example.org.
Show commenting policy
TribLive commenting policy
You are solely responsible for your comments and by using TribLive.com you agree to our Terms of Service.
We moderate comments. Our goal is to provide substantive commentary for a general readership. By screening submissions, we provide a space where readers can share intelligent and informed commentary that enhances the quality of our news and information.
While most comments will be posted if they are on-topic and not abusive, moderating decisions are subjective. We will make them as carefully and consistently as we can. Because of the volume of reader comments, we cannot review individual moderation decisions with readers.
We value thoughtful comments representing a range of views that make their point quickly and politely. We make an effort to protect discussions from repeated comments either by the same reader or different readers.
We follow the same standards for taste as the daily newspaper. A few things we won't tolerate: personal attacks, obscenity, vulgarity, profanity (including expletives and letters followed by dashes), commercial promotion, impersonations, incoherence, proselytizing and SHOUTING. Don't include URLs to Web sites.
We do not edit comments. They are either approved or deleted. We reserve the right to edit a comment that is quoted or excerpted in an article. In this case, we may fix spelling and punctuation.
We welcome strong opinions and criticism of our work, but we don't want comments to become bogged down with discussions of our policies and we will moderate accordingly.
We appreciate it when readers and people quoted in articles or blog posts point out errors of fact or emphasis and will investigate all assertions. But these suggestions should be sent via e-mail. To avoid distracting other readers, we won't publish comments that suggest a correction. Instead, corrections will be made in a blog post or in an article.
- Supreme Court justices ream EPA for ignoring costs to meet air standards
- Snappers treat revitalizes Lawrenceville’s Edward Marc Brands chocolatier
- Drillers to submit electronic records on fracking chemicals to Pa. DEP
- Bank of New York Mellon seeks to intervene in N.J. casino saga as power plant taps collateral
- Heinz executives to dominate post-merger management of Kraft Heinz Co.
- Greece makes stocks slip to worst day of year
- Pending home sales in U.S. climb to 9-year high
- University mine rescue teams join to set rules, competitions
- Energy Spotlight: Erin Magee
- Interest rate climb brings out optimists
- Pa. oil and gas industry association takes DEP to court