NEW YORK CITY—Forest City Realty Trust has closed its sale of the Shops at Bruckner Boulevard, a 116,000-square-foot specialty retail center in the Bronx. The asset was picked up by Urban Edge Properties, a REIT and the ground lessor for the property, who was leasing it to the seller.

The selling price was $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% joint venture with Madison International Realty. The transaction includes assumption of a $12.6 million mortgage.

The Shops at Bruckner Boulevard—a retail center anchored by Marshalls, Old Navy and other value retailers—sits directly across White Plains Road from Urban Edge's 387,000-square-foot Bruckner Commons. Acquisition of the leasehold brings this 501,000-square-foot retail and office destination under a single ownership.

“We're pleased to complete this sale, which aligns with the shared objectives of Forest City and our joint venture partner, Madison International,” says David J. LaRue, Forest City president and CEO.

He continues, “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.”

Urban Edge Properties acquires, develops, owns, manages and improves shopping centers in and on the edge of urban communities. Its owned portfolio comprises 14.8 million square feet in 83 properties and it manages over five million square feet for others.

Urban Edge's core assets are concentrated in the Washington, DC to Boston corridor, while it has a presence in Puerto Rico and California.

NEW YORK CITY—Forest City Realty Trust has closed its sale of the Shops at Bruckner Boulevard, a 116,000-square-foot specialty retail center in the Bronx. The asset was picked up by Urban Edge Properties, a REIT and the ground lessor for the property, who was leasing it to the seller.

The selling price was $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% joint venture with Madison International Realty. The transaction includes assumption of a $12.6 million mortgage.

The Shops at Bruckner Boulevard—a retail center anchored by Marshalls, Old Navy and other value retailers—sits directly across White Plains Road from Urban Edge's 387,000-square-foot Bruckner Commons. Acquisition of the leasehold brings this 501,000-square-foot retail and office destination under a single ownership.

“We're pleased to complete this sale, which aligns with the shared objectives of Forest City and our joint venture partner, Madison International,” says David J. LaRue, Forest City president and CEO.

He continues, “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.”

Urban Edge Properties acquires, develops, owns, manages and improves shopping centers in and on the edge of urban communities. Its owned portfolio comprises 14.8 million square feet in 83 properties and it manages over five million square feet for others.

Urban Edge's core assets are concentrated in the Washington, DC to Boston corridor, while it has a presence in Puerto Rico and California.