Mall at Robinson sold for $46M
One of the region’s largest shopping malls has changed hands for the second time in five years.
The Mall at Robinson has been sold to Kohan Retail Investment Group of Great Neck, N.Y., for $46 million. The seller was QIC US Management, which acquired the 874,553-square-foot complex in Robinson from Forest City Realty Trust in 2017.
Completed in 2001, The Mall at Robinson features anchors such as Dick’s Sporting Goods, Macy’s and JC Penney. Another 320,000 square feet of space is devoted to smaller retailers, of which 92.1% is leased.
Representing QIC in the sale was the Jones Lang LaSalle real estate firm, which also procured Kohan, a retail and hotel investment management company.
“Despite a challenging capital markets environment, retail is continuing to perform well, and investors are responding to opportunities like The Mall at Robinson,”
said David Monahan, a JLL Capital Markets senior managing director who represented QIC.
“This super-regional mall is positioned in a growing area, and the buyer was able to recognize the long-term strength of the asset.”
According to JLL, The Mall at Robinson ranks among the top 4% of all retail centers in the United States, accounting for more than 4.8 million visitors a year. It also is among the top 4% of shopping centers in the state.
The mall is located on 155 acres on Route 60 near the Parkway West. Beyond the shopping complex itself, the property features a pad-ready site for a potential anchor totaling up to 150,000 square feet.
Forest City spent about $130 million to build the mall in 2001, a project that was more than a decade in the making.
QIC, an Australian firm, was a minority owner in the mall when it bought the property five years ago. The transaction was among 10 regional malls nationally the firm acquired from Forest City at the time.
Among its holdings, Kohan owns dozens of shopping malls and centers across the U.S., including Clearview Mall in Butler; Indiana Mall in Indiana, Pa.; and Washington Crown Center in Washington, Pa.