Forest City Enterprises has completed the $93.1 million, or $230/sf, sale of Fairmont Plaza, a 405,000-square-foot office building in San Jose, Calif., to CBRE Global Investors.

Forest City, of Cleveland, said the sales price reflects a capitalization rate of 7 percent, based on last year's expected net operating income.

The sale is part of the company's plan to re-focus its portfolio on seven key markets: New York, Washington, D.C., Boston, Denver, Dallas, Los Angeles and San Francisco. The $28.1 million of net proceeds it generated from Fairmont Plaza's sale will be used to reduce debt and fund development...