Forest City Planning To Sell Off Retail Properties, Focus More On Office And Multifamily
Forest City Realty Trust may sell its retail properties, with plans to refocus its efforts on apartment and office investments. The real estate trust announced to investors this week that it will begin a strategic review process to determine alternatives for its retail portfolio, and that a decision will be reached by Q1 2017.
“Our intent would be to redeploy the value from our retail portfolio into apartment and office assets that align with our focus on core markets and urban, mixed-use placemaking projects,” CEO David LaRue (pictured left beside ICSC chair Mike Kercheval) tells Bloomberg.
The Cleveland-based REIT manages nearly $9B worth of assets—19 of those properties are specialty retail centers mostly throughout New York. It also owns and operates 14 regional malls around the country. Familiar properties within its portfolio include Brooklyn’s Atlantic Terminal Mall and several stores on 42nd Street near Times Square. [Bloomberg]