CLEVELAND, Jan. 27, 2017 /PRNewswire/ -- Forest City
Realty Trust, Inc., (NYSE: FCEA and FCEB) today announced that it
has closed the sale of the Illinois Science & Technology Park,
a bioscience, pharmaceutical and nanotechnology office campus in
Skokie, IL, to an affiliate of
American Landmark Properties, a Skokie-based real estate investment
group. The selling price was $77.0
million and the transaction is expected to generate net
proceeds to Forest City of
approximately $16 million.
"We're pleased to complete this sale, which continues the
execution of our strategy to focus our portfolio on our major core
markets," said David J. LaRue,
Forest City president and chief
executive officer.
The Illinois Science & Technology Park is a multi-building,
life-science campus with approximately 533,000 square feet of
existing office/lab space. Forest
City acquired the park, which was previously a single-user
pharmaceutical research campus, in 2005.
About Forest
City
Forest City Realty Trust, Inc. is a NYSE-listed
national real estate company with $8.6
billion in total assets. The company is principally engaged
in the ownership, development, management and acquisition of
commercial and residential real estate throughout the United States. For more information, visit
www.forestcity.net.
About American Landmark Properties
American Landmark
Properties is a Skokie-based real
estate investment group with a 30-year track record of delivering
consistently strong returns to its investors. The company is
principally engaged in acquisition/disposition, financing, leasing
and marketing, repositioning, and property/asset management in the
Midwest and East Coast. For more information, visit
www.americanlandmark.com.
On the Web:
www.forestcity.net
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visit:http://www.prnewswire.com/news-releases/forest-city-completes-sale-of-illinois-science--technology-office-campus-300398006.html
SOURCE Forest City Realty Trust, Inc.