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Pan Bay Center in Queens, New York, acquired for $27 million
New York -- Urban Edge Properties announced the acquisition of Pan Bay Center, located in the Howard Beach neighborhood of Queens, New York, for $27 million. The property includes almost the entire block on the west side of Cross Bay Boulevard between 156th Avenue and 157th Avenue.
The 50,000 sq. ft. property is currently 85% leased with local retail tenants on the ground floor and medical office tenants on the second floor. The property includes 97 parking spaces.
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Forest City completes conversion to REIT status
Cleveland -- Forest City Enterprises, Forest City Realty Trust announced the completion of the merger of FCE Merger Sub, Inc., an Ohio corporation, with and into Forest City Enterprises, Inc., with Forest City Enterprises, Inc. surviving as a wholly-owned subsidiary of Forest City Realty Trust, Inc.
The merger marks the final step in the company’s planned conversion to real estate investment trust (REIT) status for the taxable year ending December 31, 2016.