Forest City Enterprises (FCE-A) Sells Assets Worth $45.2M
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Forest City Enterprises, Inc., (NYSE: FCE-A) (NYSE: FCE-B) today announced that it recently completed the disposition of two assets in non-core markets.
In Florida, the company closed the sale of Emerald Palms, a 505-unit apartment community in the Kendall/South Dade submarket in southwest Miami, to Grand Peaks Properties for approximately $70.5 million, reflecting a cap rate of approximately 5.0 percent based on estimated 2012 net operating income. The disposition generated net cash proceeds to Forest City of approximately $45.2 million.
In San Jose, California, the company completed the sale of Fairmont Plaza, a 17-story, 405,000-square-foot downtown office building, to CBRE Global Investors for approximately $93.1 million, representing a cap rate of approximately 7.0 percent based on estimated 2012 net operating income. The sale generated net cash proceeds to Forest City of approximately $28.1 million.
Including these dispositions, since the beginning of its fiscal 2012, Forest City has completed 12 dispositions, including both fully consolidated and unconsolidated (equity-method) assets, generating more than $125 million in net cash proceeds.
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In Florida, the company closed the sale of Emerald Palms, a 505-unit apartment community in the Kendall/South Dade submarket in southwest Miami, to Grand Peaks Properties for approximately $70.5 million, reflecting a cap rate of approximately 5.0 percent based on estimated 2012 net operating income. The disposition generated net cash proceeds to Forest City of approximately $45.2 million.
In San Jose, California, the company completed the sale of Fairmont Plaza, a 17-story, 405,000-square-foot downtown office building, to CBRE Global Investors for approximately $93.1 million, representing a cap rate of approximately 7.0 percent based on estimated 2012 net operating income. The sale generated net cash proceeds to Forest City of approximately $28.1 million.
Including these dispositions, since the beginning of its fiscal 2012, Forest City has completed 12 dispositions, including both fully consolidated and unconsolidated (equity-method) assets, generating more than $125 million in net cash proceeds.
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