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Forest City Realty sells stake in Calif. regional mall to QIC

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Forest City Realty sells stake in Calif. regional mall to QIC

Forest City Realty Trust Inc. finalized the sale of its stake in the 960,000-square-foot South Bay Galleria regional mall in Redondo Beach, Calif., to QIC.

The sale marks the second closing in the company's 10-mall portfolio deal with QIC that values the properties at about $3.18 billion, or $1.55 billion at Forest City's share.

Forest City expects to close on four additional malls — Westchester's Ridge Hill in Yonkers, N.Y.; Shops at Wiregrass in Tampa, Fla.; Mall at Robinson in Pittsburgh; and Antelope Valley Mall in Palmdale, Calif. — in early 2018.

The company expects the final four malls in the portfolio — Victoria Gardens in Rancho Cucamonga, Calif.; Galleria at Sunset in Henderson, Nev.; Promenade Temecula in California; and Short Pump Town Center in Richmond, Va. — to be transferred to QIC at a fixed price and closed as Forest City secures replacement properties.