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DC's Yards Retail Is Also A Forest City Keeper

WASHINGTON, DC--The REIT says it will keep its stake in Ballston Quarter as well as its amenity retail such as The Yards project.

By Erika Morphy | erikamorphy | | Updated on August 26, 2016
Ballston Quarter Ballston Quarter

WASHINGTON, DC–Forest City Realty Trust plans to hang on to its key Washington DC-area retail as it begins a strategic review on monetizing its retail portfolio. The Cleveland, Ohio-based REIT announced earlier this week that it is exploring strategic alternatives for its 33 or so retail properties, and would use proceeds from any sales to invest in the apartment and office asset classes. This process is expected to be concluded by the first quarter of 2017.

But the REIT took its ownership interest in Arlington’s Ballston Quarter off the table in that first announcement — that mixed-use redevelopment, it said, it plans to retain.

A later call to investors by Forest City’s executives clarified its strategy — and added another holding to the list of “do not sell” properties. The company also plans to retain its amenity retail throughout the portfolio. “An example of this would be the retail at The Yards project in Washington, DC,” CEO David J. LaRue said during the call.

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