Forest City Realty Trust has created a JV with a familiar strategic capital partner to invest in Ballston Quarter.
The REIT has moved forward with a JV announced last year with Queensland Investment Corporation Global Real Estate Trust, an Australian institutional investment manager. When combined with a recent agreement between the partners for a retail center in Florida, Forest City is anticipating $60M in net proceeds from the new venture with QIC, GlobeSt reports.
Forest City previously teamed up with QIC back in 2013 to invest in several regional malls, through which the REIT raised $340M. Renovation has been completed or at least started on half of the properties thus far, with renovations for the other half slated to take place over the next four years.
The Ballston Quarter project is one of the largest developments in the pipeline for the Rosslyn-Ballston Corridor. Forest City will transform the decades-old Ballston Common Mall into an open-air town center, complemented by a residential and office component. Phase 1 is expected to deliver in 2018. [GS]
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