Stake in Short Pump Town Center, Tobacco Row properties to be sold in $11B deal

One of the Tobacco Row buildings owned by Forest City. (Photo by Michael Schwartz)

A portfolio of prominent local retail, mixed-use and office properties soon will be under new ownership as part of a massive deal between two national real estate firms.

Cleveland-based Forest City Realty Trust, which owns much of Tobacco Row in Shockoe Bottom and a stake in Short Pump Town Center, announced on Wednesday it will be acquired by Brookfield Asset Management in an $11.4 billion deal.

As part of the deal, Brookfield will acquire all outstanding shares of Forest City at $25.35 per share, according to a press release, along with the firm’s $8 billion national real estate portfolio.

Forest City owns 12 properties in Virginia, according to its website, nine of which are in metro Richmond:

– American Cigar Lofts at 2300 E. Cary St.
– Cameron Kinney Lofts at 2400 E. Cary St.
– Consolidated Carolina Lofts at 2200 E. Cary St.
– Cutter’s Ridge at 2609 Main St.
– Edgeworth Office Building at 2100 E. Cary St.
– Glen Forest Office Park, an 11-building office park in the West End
– Lucky Strike Lofts at 2600 E. Cary St.
– River Lofts at Tobacco Row at 2310 E. Cary St.

Its ninth local asset is a one-third stake in Short Pump Town Center, which it owns along with local developer Pruitt Cos. and Australia-based QIC.

Forest City struck a deal last year to sell its remaining stake in the mall to QIC, but that deal has yet to close.

Neither Forest City nor Brookfield returned a call for comment about the acquisition, which is still pending, and its effect on its metro Richmond assets.

One of the Tobacco Row buildings owned by Forest City. (Photo by Michael Schwartz)

A portfolio of prominent local retail, mixed-use and office properties soon will be under new ownership as part of a massive deal between two national real estate firms.

Cleveland-based Forest City Realty Trust, which owns much of Tobacco Row in Shockoe Bottom and a stake in Short Pump Town Center, announced on Wednesday it will be acquired by Brookfield Asset Management in an $11.4 billion deal.

As part of the deal, Brookfield will acquire all outstanding shares of Forest City at $25.35 per share, according to a press release, along with the firm’s $8 billion national real estate portfolio.

Forest City owns 12 properties in Virginia, according to its website, nine of which are in metro Richmond:

– American Cigar Lofts at 2300 E. Cary St.
– Cameron Kinney Lofts at 2400 E. Cary St.
– Consolidated Carolina Lofts at 2200 E. Cary St.
– Cutter’s Ridge at 2609 Main St.
– Edgeworth Office Building at 2100 E. Cary St.
– Glen Forest Office Park, an 11-building office park in the West End
– Lucky Strike Lofts at 2600 E. Cary St.
– River Lofts at Tobacco Row at 2310 E. Cary St.

Its ninth local asset is a one-third stake in Short Pump Town Center, which it owns along with local developer Pruitt Cos. and Australia-based QIC.

Forest City struck a deal last year to sell its remaining stake in the mall to QIC, but that deal has yet to close.

Neither Forest City nor Brookfield returned a call for comment about the acquisition, which is still pending, and its effect on its metro Richmond assets.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.




Return to Homepage

Subscribe
Notify of
guest
1 Comment
oldest
newest most voted
Inline Feedbacks
View all comments
Ken Kra
Ken Kra
3 years ago

Isn’t Brookfield Asset Management a Canadian company headquartered in Toronto?