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.

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Ken Kra
Ken Kra
2 years ago

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