{"id":1004081294,"date":"2013-08-05T20:28:17","date_gmt":"2013-08-06T04:28:17","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=156889"},"modified":"2022-12-05T17:55:00","modified_gmt":"2022-12-06T01:55:00","slug":"forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\/","title":{"rendered":"Forest City Sells Cleveland\u2019s Higbee Building to Horseshoe Casino Owners"},"content":{"rendered":"<p style=\"text-align: justify\"><em>By Adrian Maties, Associate Editor<\/em><\/p>\n<p style=\"text-align: justify\">Forest City Enterprises Inc.<a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/HigbeeBldg.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-156890\" title=\"HigbeeBldg\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/08\/HigbeeBldg.jpg\" alt=\"\" width=\"300\" height=\"187\" \/><\/a> last week finalized\u00a0the sale of the 14-story Higbee Building, one of Cleveland\u2019s most renowned historic places. Rock Ohio Caesars L.L.C. is the property\u2019s new owner. It opened the Horseshoe Casino Cleveland there last year.<\/p>\n<p style=\"text-align: justify\">Moody&#8217;s Investors Service disclosed Rock Ohio Caesars\u2019 plans to buy the 815,000-square-foot office building in March in a report grading the joint venture\u2019s bid for $535 million in loans. The sale price was approximately $79 million, and it generated approximately $39 million in net cash proceeds for Forest City.<\/p>\n<p style=\"text-align: justify\">&#8220;We continue to execute on our strategy of focusing on our primary core markets &#8211; New York, Washington, D.C., Boston, Denver, Dallas, Los Angeles and San Francisco,&#8221; said David LaRue, Forest City president &amp; CEO, in a statement for the press.\u00a0 &#8220;We will use liquidity from dispositions such as this to continue to reduce debt and improve our balance sheet, invest in our mature portfolio and activate entitled development opportunities in core markets.&#8221;<\/p>\n<p style=\"text-align: justify\">Now that the acquisition is concluded, Rock Ohio Caesars is expected to start construction this month on a 170-foot, glass-enclosed, pedestrian bridge that will link the second floor of the casino to a nearby parking garage also owned by the joint venture. It will span the intersection of Ontario Street and Prospect Avenue. In the report, Moody&#8217;s Investors Service said the walkway is expected to facilitate more convenient access to the casino and help boost both visitation and length of stay.<\/p>\n<p style=\"text-align: justify\">Constructed in 1931, the Higbee Building is part of the Tower City Center, a large mixed-use facility composed of a number of interconnected office buildings and included on the National Register of Historic Places. It underwent a renovation project a few years ago.\u00a0 In order to start construction on the skywalk, Rock Ohio Caesars had to buy the property and make sure that investors in historic preservation tax credits on the building were repaid.<\/p>\n<p style=\"text-align: justify\"><em>Photo credits: <a href=\"https:\/\/www.forestcity.net\/\">Forest City Enterprises, Inc.<\/a><\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Forest City Enterprises, Inc. finalized last week the sale of the 14-story Higbee Building, one of Cleveland&rsquo;s most renowned historic places. Rock Ohio Caesars LLC is the property&rsquo;s new owner. It opened the Horseshoe Casino Cleveland there last year.<\/p>\n","protected":false},"author":925,"featured_media":1004507435,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1584,21742],"tags":[39423,1815],"class_list":["post-1004081294","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cleveland","category-latest","tag-cleveland","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forest City Sells Cleveland\u2019s Higbee Building to Horseshoe Casino Owners - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Forest City Sells Cleveland\u2019s Higbee Building to Horseshoe Casino Owners\" \/>\n<meta property=\"og:description\" content=\"Forest City Enterprises, Inc. finalized last week the sale of the 14-story Higbee Building, one of Cleveland&rsquo;s most renowned historic places. Rock Ohio Caesars LLC is the property&rsquo;s new owner. It opened the Horseshoe Casino Cleveland there last year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-08-06T04:28:17+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T01:55:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/HigbeeBldg.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adrian Maties\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/\"},\"author\":{\"name\":\"Adrian Maties\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/6dfc8d1c9006c9fd1c89d69133130109\"},\"headline\":\"Forest City Sells Cleveland\u2019s Higbee Building to Horseshoe Casino Owners\",\"datePublished\":\"2013-08-06T04:28:17+00:00\",\"dateModified\":\"2022-12-06T01:55:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/\"},\"wordCount\":342,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2021\\\/03\\\/HigbeeBldg.jpg\",\"keywords\":[\"Cleveland\",\"National\"],\"articleSection\":[\"Cleveland\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/forest-city-sells-clevelands-higbee-building-to-horseshoe-casino-owners\\\/\",\"name\":\"Forest City Sells Cleveland\u2019s Higbee Building to Horseshoe Casino Owners - 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