Forest City Sells Bronx Retail Center for $32M
- Jan 23, 2017
New York—Forest City Realty Trust Inc. recently announced that is has sold the Shops at Bruckner Boulevard, also known as Bruckner Plaza, a 116,000-square-foot specialty retail center in the Bronx. Urban Edge Properties acquired the property for $32 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.
Located at 1910 Story Ave., Shops at Bruckner Boulevard Shopping Center is close to Jamie Towers, Unionport and Castle Hill Houses, as well as to Police Officer Hilario Serrano Playground, Space-Time Playground and Soundview Health Center. The mall first opened in November 1996. Currently, Conway, Jimmy Jazz, Danice, Old Navy, Blockbuster and Marshalls are among the retail center’s tenants.
“We’re pleased to complete this sale, which aligns with the shared objectives of Forest City and our joint venture partner, Madison International. 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,” said David LaRue, Forest City’s president & CEO, in prepared remarks.
Approximately one year ago, Cleveland-based Forest City transformed into a REIT that focuses portfolio on core apartment, retail and office assets in strong, urban markets.
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