Forest City Realty Trust Inc. is in talks to sell its 51% stake in a New York City retail portfolio to fund manager Madison International Realty LLC, The Real Deal reported, citing a source familiar with the matter.
Madison and its investment partners already control a 49% stake in the portfolio, which comprised 15 assets spanning 2.65 million square feet, the report said, citing Madison's website. The stake was acquired for $172.3 million in 2011.
The companies recently sold one of the portfolio assets, the Shops at Bruckner retail center in the Bronx, to Urban Edge Properties for $32 million.
Other portfolio assets include the Atlantic Center and the Atlantic Terminal Mall in Brooklyn, as well as 311,000 square feet of retail space at 234 W. 42nd St. in Manhattan, according to the Jan. 26 report.
Forest City initiated a strategic review of alternatives for its retail portfolio in August 2016.