New York City and North Bergen, N.J. — Madison International Realty will acquire Forest City Realty Trust’s 51 percent interest in a 2.1 million-square-foot, 12-asset retail portfolio located in New York City and northern New Jersey for $1 billion.
Madison International already holds the remaining 49 percent stake in the properties. Scattered across Manhattan, Brooklyn, Queens, the Bronx, Staten Island and Northern New Jersey, the portfolio was 95 percent leased at the time of sale. The properties in the transaction include the Shops at Gun Hill Road (Waring), Shops at Gun Hill Road (Ely) and Castle Center in the Bronx; Harlem Center in Manhattan; Shops at Northern Boulevard and Queens Place in Queens; The Heights, Atlantic Terminal Mall and Atlantic Center in Brooklyn; Forest Avenue and Shops at Richmond Avenue in Staten Island; and Columbia Park Center in North Bergen, New Jersey, according to reports by Crain’s Cleveland. Madison plans to engage Cushman & Wakefield as the third-party property management and leasing team for the portfolio. The transaction is expected to close later this year.