Shift in mall ownership reduces local developer’s share
After the dust settled over a new ownership deal for Short Pump Town Center, it turns out that local developer Pruitt Associates has reduced its share of ownership in the property from 50 to 33 percent.
This is a change from the deal Forest City Enterprises announced last week that brought in a new owner, QIC, an Australian-based investment company, that was part of a larger, $2 billion, eight mall transaction.
In that deal, Pruitt’s ownership interest would have remained at 50 percent, with QIC and Cleveland- based Forest City, splitting the remaining 50 percent. However, Pruitt Associates agreed to sell part of the family’s share to Forest City, a fact that wasn’t known at the time of last week’s announcement.
The upshot is that under this new deal, it’s basically a three-way split with Forest City owning 34 percent of the mall, Pruitt Associates owning 33 percent, and QIC owning 33 percent.
Short Pump Town Center sits on what was formerly the Pruitt family’s land.
The mall is scheduled to undergo renovations in 2014.