CLEVELAND, Jan. 20, 2017 /PRNewswire/ -- Forest City Realty Trust, Inc., (NYSE: FCEA and FCEB) today announced that it has closed the sale of the Shops at Bruckner Boulevard, a 116,000-square-foot specialty retail center in the Bronx, NY, to Urban Edge Properties, which was the ground lessor for the property. The selling price was $32.0 million and the transaction is expected to generate net proceeds to Forest City of $9.2 million. Forest City owned the property in a 51/49 percent joint venture with Madison International Realty, LLC.
"We're pleased to complete this sale, which aligns with the shared objectives of Forest City and our joint venture partner, Madison International," said David J. LaRue, Forest City president and chief executive officer. "We continue to have constructive discussions with Madison about our desire to explore strategic alternatives for the balance of our specialty retail portfolio, and we anticipate providing additional updates to the market as those discussions progress."
About Forest City
Forest City Realty Trust, Inc. is a 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 throughout the United States. For more information, visit www.forestcity.net.
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SOURCE Forest City Realty Trust, Inc.
AT THE COMPANY, Mike Lonsway, Senior Vice President - Planning, 216-416-3325; Jeff Linton, Senior Vice President - Corporate Communication, 216-416-3558; ON THE WEB, www.forestcity.net