Cleveland firm Forest City buys out minority interest in Mall at Robinson

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The majority owner of the Mall at Robinson said it has bought out its partner in the two-level, regional shopping center.

Forest City Enterprises Inc., of Cleveland, announced this morning that it now owns 100 percent of the mall, which opened in 2001.

The company had owned 72 percent.

In addition, the developer said it sold its interest in the Plaza at Robinson Town Center, a nearby strip center in which it held a 50 percent interest.

Forest City said the transaction resulted in net cash proceeds to the company of $7.75 million.

"This is another example of our strategy of focusing on core assets, such as regional malls, and exiting non-core assets, including specialty retail centers outside of the New York City metropolitan area," David J. LaRue, president and chief executive officer, said.

"I want to thank our partner, Zamagias Properties, for a long and productive working relationship and congratulate our transaction and operations teams on this great execution."

Earlier this year, the Pittsburgh Post-Gazette reported that Forest City was entertaining offers on the Sheraton Station Square Hotel, in addition to marketing the Station Square entertainment and office complex and the Liberty Center/Westin Convention Center Hotel property Downtown.

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