Forest City RealtyTrust Inc. said April 4 that Australian institutional investment managerQIC acquired a 49% equity interest in BallstonQuarter, formerly Ballston Common Mall, a 578,000-square-foot retailproperty in Arlington, Va., that is under redevelopment.
The Ballston joint venture, which will include a multifamilycomponent, is the secondof three planned regional mall joint ventures with QIC. A third, for nearTampa, Fla., is expected to close by midyear, the company said in a news release.
Together, the Ballston Quarter and Shops at Wiregrass joint venturesare expected to generate net proceeds to Forest City of approximately $60 million.
In addition to Ridge Hill and Ballston, Forest City presentlyhas joint ventures with QIC at eight other regional malls.