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.
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SOURCE Forest City Realty Trust, Inc.