LOS ANGELES—Vornado Realty Trust, a fully integrated REIT, has completed the sale of the Beverly Connection shopping center for $260 million. The two parties entered into an agreement to purchase the property in March, GlobeSt.com reported in an earlier story. Vornado did not identify the buyer, however, industry sources unrelated to the deal reveal the buyer to be Ashkenazy Acquisition Corp.
Ashkenazy Acquisition Corp. purchased the property with $239 million in cash. The remaining $21 million was financed through 10-year seller financing. The sale was originally expected to complete in the third quarter of this year, but it has completed earlier than expected. Vornado will receive a net gain of $44 million from the sale of the property, which is completely unencumbered. The proceeds from the sale will be posted in the third quarter.
The Beverly Connection is a 335,000-square-foot shopping center in Beverly Grove. Its current tenants include Old Navy, Nordstrom Rack, Men’s Warehouse and Marshalls. Vornado was not able to comment on the transaction before publication of this story.