The Laker/Lutz News

West Virginia

The Shops at Wiregrass sold to QIC

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The Shops at Wiregrass in Wesley Chapel is among 10 regional malls that will be sold by Forest City Realty Trust, Inc., for a total of about $3.2 billion, according to an announcement by Forest City.

The buyer is Australia-based QIC, an investment partner of Forest City. QIC currently owns about 49 percent of the Wiregrass mall, with Forest City holding 51 percent ownership, according to Greg Lenners, the mall’s general manager.

The Shops at Wiregrass is being sold, along with nine other regional malls, but it will be business as usual for shoppers and merchants. (File)

QIC has been a partner with Forest Realty for about two years, Lenners said.

“As far as merchants at Wiregrass and customers, nobody will notice anything different,” Lenners said. “You’re not going to see any changes other than ongoing improvements at center court.”

In other words, it’s business as usual.

The sale of six of the malls, including Wiregrass, is expected to close by the end of the year for about $1.24 billion. No information was provided on the value of the individual malls.

The remaining four malls will be sold for about $1.93 billion as Forest City “secures replacement assets,” according to a news release about the sale.

Many of the malls are in California, with others in Pennsylvania, New York, Virginia, Nevada and West Virginia.

Per the agreement, Forest City will transfer its retail operations, including most of its personnel, to QIC.

So far, leasing, marketing, tenant coordination, legal and human resources have been transitioned to QIC. Accounting, property management and other functions will transfer as closings are completed.

“We view the U.S. real estate market and the retail sector in particular as a strong investment opportunity,” said Steve Leigh, in a written statement. He is QIC’s managing director of global real estate.

QIC began its partnership with Forest City in 2013.

Once the sale of the 10 malls to QIC, and the company’s New York specialty retail centers to Madison International is complete, Forest City will no longer have shopping centers in its portfolio.

“We are very pleased to achieve this key milestone with our partner,” said David J. LaRue in a written statement. LaRue is Forest City president and chief executive officer. “This transaction is a win-win for all parties, as we continue to focus our business on urban residential, office and mixed-use assets, and QIC acquires full ownership of a U.S. retail presence with high quality regional malls in strong markets.”

For more information, visit Forestcity.net.

Published Oct. 11, 2017

 

Free isn’t always free, especially with cell phones

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A full-page ad that appeared in a South Florida newspaper in May has caught the attention of the Better Business Bureau, which warns consumers that just because someone claims a product is free doesn’t mean it is free.

The ad, according to the consumer advocacy organization, offered “easy-to-use senior mobile cell phones free” for senior citizens. The advertiser is a company that has earned an F-rating with the BBB because of its lengthy negative advertising and complaint industry.

According to the ad, for a one-time activation fee of $97 plus shipping, those who had beat a 48-hour deadline would receive a free cell phone, get nationwide coverage with no long-distance charges, would not have to sign any contracts, make no deposits, or pay no monthly bills. The bill also repeatedly expresses that senior citizens are risking their safety by not having a cell phone, and that the government urges them to carry one, the BBB said.

The organization first became aware of this ad in May 2013 in West Virginia, and an investigation there showed that the company inflates the costs of its activation fees to cover and profit from what’s advertised as “free,” BBB officials said.

The offer would charge consumers $97 plus shipping for access to 911 services, which already are provided by all wireless carriers for free. And while there are no monthly bills, consumers must pay for minutes once their first 250 prepaid minutes are used, or after 60 days.

BBB officials say the best way to avoid issues like this is to make sure, as a customer, that all the terms of the offer are read and understood. If something doesn’t make sense, be sure to ask.

Also, customers should always question free offers. The BBB Code of Advertising states that the word “free” can be used whenever the advertiser is offering an unconditional gift. If that free item is conditional on a purchase, the advertiser must make that clear and conspicuous with the free offer — and not simply by placing an asterisk next to the word “free” with a footnote.

Customers can always check out the reliability of a company by visiting BBB.org. The Better Business Bureau Serving West Florida is one of 112 local, independent BBBs across North America that serves Pasco, Hillsborough, Hernando, Pinellas, Manatee, Sarasota, Hardee, Desoto, Charlotte, Lee and Collier counties.