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April 29, 2009
Forest City Completes Sale of New York Retail Center
Atlantic Yards developer Forest City Enterprises just sold a Queens shopping center to raise some much-needed cash, which should cover losses for the NJ Nets for a few months.
From the press release:
CLEVELAND, Ohio, April 28 /PRNewswire-FirstCall/ -- Forest City Enterprises, Inc. (NYSE: FCEA) (NYSE: FCEB) today announced the sale by its subsidiary of The Shops at Grand Avenue, a retail center located in the Borough of Queens. The property was purchased by an affiliate of AEW Capital Management, LP, for a selling price of $33.5 million, representing a cap rate of approximately 7.75 percent on in-place income. The transaction, which closed April 16, 2009, generated proceeds of approximately $9.4 million, net of partner tax indemnification.
"We have always been an active seller of real estate from our portfolio," said Charles A. Ratner, Forest City president and chief executive officer. "Today, selective sales, joint ventures and other structures are part of our strategy to generate liquidity in response to current economic and financial-market conditions. As this transaction demonstrates, our high-quality properties in strong markets continue to attract buyer interest, even in a down market."
The Shops at Grand Avenue, which opened in 1997, is a 100,000-square-foot community center anchored by Stop & Shop, and featuring tenants including Party City, Mandee and Ridgewood Savings Bank.
Also, Crib Notes, Forest City sells New York shopping center
Posted by lumi at April 29, 2009 5:02 AM