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.