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Forest City sells Bronx center for $32 million


Forest City announced it has closed on the sale of Shops at Bruckner Boulevard in the Bronx to Urban Edge Properties for $32 million. The seller expects to net $9.2 million in the transaction.

"We're pleased to complete this sale, which aligns with the shared objectives of Forest City and our joint venture partner, Madison International," said Forest City president and CEO David J. LaRue, who added that the partners continue to explore new strategic directions with their portfolio and expect more changes in it to be forthcoming.

Prior to the deal, Urban Edge was the ground lessor for the property.

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