CLEVELAND, March 23, 2016 /PRNewswire/ -- Forest City Realty Trust, Inc. (NYSE: FCEA and FCEB) announced today that it has completed the sale of the Avenue at Tower City Center, a 366,000-square-foot specialty retail center in downtown Cleveland, together with related parking assets, to subsidiaries of Bedrock Real Estate Services. The sale price was $56.5 million, including contractual parking rights, and is expected to generate net proceeds after commissions and customary closing costs of approximately $52.9 million.
"We're pleased to complete this disposition as we continue to focus our portfolio on core products and markets, and use proceeds to further reduce debt," said David J. LaRue, Forest City president and chief executive officer. "Tower City Center was one of Forest City's first major urban, mixed-use redevelopment projects and still stands today as an example of the power of transformational real estate to improve and energize the urban environment."
The Avenue was developed by Forest City and opened in 1990 as part of the Tower City Center mixed-use complex in downtown Cleveland.
About Forest City
Forest City Realty Trust, Inc. is an NYSE-listed national real estate company with $10.0 billion in consolidated assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net.
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SOURCE Forest City Realty Trust, Inc.
Jeff Frericks, Vice President - Capital Markets, 216-621-6060, or Jeff Linton, Senior Vice President - Corporate Communication, 216-621-6060