CLEVELAND, Sept. 19, 2014 /PRNewswire/ -- Forest City Enterprises, Inc., (NYSE: FCEA and FCEB) today provided an update on its previously announced negotiations to sell three of its remaining properties at Tower City Center in downtown Cleveland, and to joint-venture the retail component of the complex.
In the course of finalizing the negotiations, the company and the prospective buyer were unable to reach mutually agreeable terms, and, as a result, have amicably agreed to terminate the purchase and sale agreement for the assets.
"We're disappointed that after lengthy negotiations, we were not able to reach a final agreement with the prospective buyer," said David J. LaRue, Forest City president and chief executive officer. "We've owned and operated Tower City Center since redeveloping it as a pioneering urban, mixed-use complex more than 20 years ago. We continue to believe in the quality of these assets, particularly with the resurgence of downtown Cleveland over the last several years."
The company intends to continue its efforts to sell or joint venture selected assets in non-core markets, as it continues to execute its strategic plan to focus on core markets, improve its balance sheet, and activate entitled development opportunities.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company with $8.6 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate and land throughout the United States. For more information, visit www.forestcity.net.
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SOURCE Forest City Enterprises, Inc.
Investor contact: Jeff Frericks, Vice President, Capital Markets, 216-621-6060, or Media contact: Jeff Linton, Senior Vice President, Corporate Communication, 216-621-6060