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