EATONTOWN, NJ—New York-based Kushner Companies has acquired Vornado Realty Trust's 50 percent interest in the 1.5 million square-foot Monmouth Mall in Eatontown, NJ, one of the state's largest shopping destinations.
In 2002, Kushner Companies acquired the mall in a 50 percent joint venture with Vornado for $164.7 million. Kushner Companies has now acquired Vornado's stake in the property, and another property, for roughly $230 million.
“We have enjoyed a great partnership with Vornado at the Monmouth Mall for over a decade,” says Jared Kushner, CEO of Kushner Companies. “We will continue to build on the work that has been accomplished to take the mall to the next level.”
Monmouth Mall is one of central New Jersey's leading shopping destinations, located just minutes from the Jersey Shore beaches and featuring Macy's, JCPenney, Boscov's, Lord & Taylor and more than 150 stores and restaurants, and a 15-screen AMC Loews Multiplex Theater. In addition to a food court, restaurants at the mall include Buffalo Wild Wings, Chili's, Johnny Rockets, Ruby Tuesday, TGI Friday's, Bobby's Burger Palace and Chipotle Mexican Grill.
Monmouth Mall was significantly expanded in 2009 and had some renovations in 2010 and 2012.
Kushner Companies and Vornado remain partners in the 1.5 million square foot office tower located at 666 5th Avenue in New York.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
