Forest City Enterprises, Inc. (NYSE: FCEA; FCEB) recently announced that it completed the sale of the Sterling Glen of Rye Brook supported-living community to Atria Senior Living Group. The sale, which closed January 30, 2009, is part of a larger transaction originally announced in July, 2007, under which Atria would acquire the majority of Forest City’s supported-living portfolio. The 168-unit Sterling Glen of Rye Brook facility is located in Rye Brook, NY, in southern Westchester County. The selling price was $70 million and the transaction generated $23 million in pre-tax proceeds.
Commenting on the closing, Charles A. Ratner, Forest City president and chief executive officer said, “We are pleased to close this sale in a very difficult market environment. Forest City has traditionally been an active seller of real estate from our portfolio as a means to recycle capital. In the current environment, selective sales or joint ventures are one part of our focused strategy to generate and preserve liquidity.”
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