Forest City sells interest in San Francisco’s Metreon center to Westfield Group
Cleveland A subsidiary of Forest City Enterprises has sold its 50% in San Francisco's Metreon mixed-use project to the Westfield Group for $19 million.
The two companies have had equal interest in the 279,000-sq.-ft. site since acquiring it in 2006, and both hold stakes in the nearby Westfield San Francisco Centre/Emporium mixed-use property.
Forest City expects net proceeds of approximately $18 million from the sale.
Forest City said its decision to sell the stake was part of its plans to reduce development activity. The real estate company, which has $11.5 billion in assets, is an owner and manager of commercial and residential real estate throughout the United States.
It is the developer of other Bay Area projects including the Presidio Landmark and the Uptown Apartments in Oakland.
"Metreon continues to be a great redevelopment property with significant potential," Charles Ratner, Forest City president and CEO, said in a statement. "Consistent with our strategy of reducing overall development activity, we made the decision, in consultation with Westfield, to focus on other West Coast assets and opportunities. We continue to have a significant presence in, and commitment to Northern California, and the San Francisco Bay area in particular."