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August 2, 2007
Forest City Buys 11 Office Buildings in Suburban Richmond, Virginia
dBusiness News, Cleveland
Here's the press release for the latest deal struck by the real estate behemoth that ate Brooklyn, Forest City:
Forest City Enterprises, Inc. (NYSE:FCEA) (NYSE:FCEB) today announced that it has acquired 11 office buildings, totaling approximately 600,000 square feet, in Henrico County near Richmond, Virginia. The properties are 95 percent leased to a mix of high-quality local and regional tenants.
Charles A. Ratner, president and chief executive officer of Forest City Enterprises, said, “Under our City Strategy, Forest City is able to enter core urban markets with strong demographics by introducing one property type and then penetrating the market with additional real estate projects.
“Richmond is a growth market for us. We now have an office portfolio in Richmond, in addition to our residential development of 472 apartment units at River Lofts at Tobacco Row, the 1.2-million-square-foot Short Pump Town Center retail center that opened in 2003, and the 900,000-square-foot Shops at White Oak Village retail center that is under construction.”
NoLandGrab: The "City Strategy" has worked very well for the real estate giant in Brooklyn.
After MetroTech came the Atlantic Center Mall. When vacancies threatened the financial viability of both projects, NY City and State, respectively, came to the rescue by relocating local agencies into the projects. Then just across the street from the Atlantic Center Mall, Forest City built the Atlantic Terminal Mall on MTA property with the help of Liberty Bonds. Now across the street from the two malls, the real estate giant plans to use eminent domain to complete its local real estate empire with an arena and 16 high-rise towers to be built on 22 acres, comprising the MTA railyards and 14 acres of city-owned and private property.
Posted by lumi at August 2, 2007 8:21 AM