RICHMOND, VA-Forest City Enterprises Inc. has acquired 11 office buildings here. The buildings, which are located in Henrico County close to the Richmond market, total approximately 600,000 sf and are 95% leased, according to a statement by the Cleveland-based developer. It did not announce the seller or the acquisition price.

A spokesperson for the company tells GlobeSt.com that all of the buildings except one can be classified as class A. “The other is more appropriately defined as class B but they are all high quality assets so we do not see the need for any capital investment or renovations in the portfolio right now.”

In the statement, CEO and president Charles A. Ratner, says that the office acquisition is typical of the company’s City Strategy in which “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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.