Business Services Industry
Forest City Enterprises Inc. sells interest in Beachwood Place shopping center to The Rouse Company
Business Wire, Oct 3, 1996
CLEVELAND--(BUSINESS WIRE)--Oct. 3, 1996--Charles A. Ratner, president and chief executive officer of Forest City Enterprises Inc. (AMEX:FCEA and AMEX:FCEB), announced today that the company sold its 20.81 percent interest in Beachwood Place to its partner, The Rouse Company.
Beachwood Place is a 454,000 square-foot shopping center located in Beachwood, Ohio, a suburb of Cleveland. This transaction reflects Forest City's strategic focus to invest in real estate properties which it develops and controls.
Ratner said, "Beachwood Place has been an excellent property for Forest City since it opened in 1978 and we have enjoyed our relationship with our partner, The Rouse Company. We welcome Nordstrom to Northeast Ohio as the new anchor to the shopping center."
Forest City Enterprises Inc. is a major national real estate development and management company that owns more than $2.4 billion of properties at cost. The company is active in 20 states and the District of Columbia. Its corporate headquarters are located in Cleveland, with regional offices in New York, Boston, Los Angeles, Portland, Ore., Tucson, Ariz., Detroit and Washington, D.C.
CONTACT: Forest City Enterprises Inc., Cleveland
Thomas G. Smith, 216/267-1200
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