ShareThis Page

Mall at Robinson sold to Australian firm

| Monday, Feb. 19, 2018, 12:39 p.m.
Shoppers look for Black Friday sales at the Mall at Robinson, Friday, Nov. 25, 2016.
Andrew Russell | Tribune-Review
Shoppers look for Black Friday sales at the Mall at Robinson, Friday, Nov. 25, 2016.
At the Mall at Robinson, parking lots are near capacity on the morning of Black Friday, Nov. 27, 2015.
Keith Hodan | Trib Total Media
At the Mall at Robinson, parking lots are near capacity on the morning of Black Friday, Nov. 27, 2015.

The Mall at Robinson, one of the Pittsburgh area's larger retail venues, has been acquired by an Australian investment firm in a multimillion dollar deal that could breathe new life into the 16-year-old center.

Forest City Realty Trust, based in Cleveland, said Monday it completed its previously announced sale of its interest in the mall to QIC, which has retail and commercial holdings around the world.

“The sale of the Mall at Robinson is part of a larger strategy for the company to exit our standalone retail malls across the company and our specialty retail centers (strip centers) in the New York City area and to focus on office, apartment and mixed-use assets,” Jeff Linton, Forest City's senior vice president of corporate communications, said in a statement.

Financial terms were not disclosed, but the sale of the Robinson Mall is the fourth retail center that Forest City has sold to QIC, which already had an ownership stake in the mall. The Mall at Robinson was recently reassessed by Allegheny County at $89 million.

Overall, QIC is acquiring additional interests of Forest City — a joint venture partner — in 10 regional malls in a deal valued at about $3.2 billion. Other holdings acquired by the Australian company are in California, New York, Nevada, Florida and Virginia.

“We view the U.S. real estate market and the retail sector in particular as a strong investment opportunity,” Steve Leigh, QIC's managing director of Global Real Estate, said in a statement.

“We understand the importance of regional malls to their local communities and have the capability and the capital to evolve these assets into multi-faceted destinations.”

The 880,000-square-foot mall is anchored by Sears, JC Penney and Macy's. Other retailers include Abercrombie & Fitch, American Eagle Outfitters, Things Remembered and Banana Republic.

Forest City has been an active investor in the Pittsburgh real estate market since 1994, when it acquired Station Square on the city's South Side. It also owns the adjoining Commerce Court office building.

Suzanne Elliott is a Tribune-Review staff writer. She can be reached, 412-871-2346 or via Twitter @41Suzanne.

TribLIVE commenting policy

You are solely responsible for your comments and by using 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.

click me