Mall at Robinson sold to New York firm in $46M deal
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The Mall at Robinson has been sold to New York-based Kohan Retail Investment Group for $46 million.
Chicago-based Jones Lang LaSalle, the real estate company that brokered the deal, announced the sale Tuesday.
The two-level, 874,533-square-foot mall sees more than 4.8 million visitors per year, placing it among the top 4% of the nation’s retail centers, according to JLL.
QIC US Management, an Australian investment firm, bought the site from Cleveland-based Forest City Realty Trust in 2018. The purchase was part of a $3.2 billion deal in which QIC bought 10 regional malls from Forest City.
The Mall at Robinson was completed in 2001 and is anchored by Dick’s Sporting Goods, Macy’s and JCPenney. Sears had also been an anchor at the mall, but that space is now vacant.
The rest of the mall is more than 92% leased to small shop retailers who occupy about 320,000 square feet.
“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 senior managing director with JLL. “This super-regional mall is positioned in a growing area, and the buyer was able to recognize the long-term strength of the asset.”
The property also includes another potential future anchor pad site that could accommodate up to 150,000 square feet, according to JLL.
The mall is situated on 155 acres at Route 60 and Robinson Town Centre Drive and is less than a mile from the Parkway West.