QIC acquires 49 percent equity interest in Ballston Quarter mall in Arlington
Forest City Realty Trust Inc. announced Monday the completion of the second of three previously announced regional mall joint ventures with QIC, one of the largest institutional investment managers in Australia. Under the newest joint venture, QIC has acquired 49 percent equity interest in Ballston Quarter (formerly Ballston Common Mall), a 578,000-square foot retail mall in Arlington.
It’s currently being redeveloped and will include a multifamily residential component.
Together, the Ballston and other joint ventures are expected to generate net proceeds to Forest City, based out of Cleveland, Ohio, of about $60 million.
In addition to Ballston, Forest City currently has joint ventures with QIC at eight other regional malls including Short Pump Town Center in Henrico County.