LOS ANGELES—Vornado Realty Trust, a fullyintegrated REIT, has completed the sale of theBeverly Connection shopping center for $260 million. The twoparties entered into an agreement to purchase the property inMarch, GlobeSt.com reported in an earlier story. Vornado did not identify the buyer,however, industry sources unrelated to the deal reveal the buyer tobe Ashkenazy Acquisition Corp.

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Ashkenazy Acquisition Corp. purchased the property with $239million in cash. The remaining $21 million was financed through10-year seller financing. The sale was originally expected tocomplete in the third quarter of this year, but it has completedearlier than expected. Vornado will receive a net gain of $44million from the sale of the property, which is completelyunencumbered. The proceeds from the sale will be posted in thethird quarter.

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The Beverly Connection is a 335,000-square-foot shopping centerin Beverly Grove. Its current tenants include Old Navy,Nordstrom Rack, Men's Warehouse andMarshalls. Vornado was not able to comment on thetransaction before publication of this story.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.