Anchor tenants in the portfolio, which is located in northern New Jersey and Long Island, include A&P, Home Depot, Kmart, Kohl's, Stop & Shop and Target. Locally based Vornado is funding the purchase with $120 million in cash, $89 million in newly issued preferred and common stocks and $142 million in existing debt.
Vornado's last retail buy was in January, when the company acquired the 386,000-sf Bruckner Plaza in the Bronx from the Kushner Cos. for $165 million. Just before that it bought Manhattan Mall, on Sixth Avenue, between 32nd and 33rd streets for $689 million.
Michael Fascitelli, Vornado's president and a trustee, said earlier this month at an investor conference that his firm is looking to purchase retail and office properties in the New York and Washington, DC areas, as well as Boston and Los Angeles. The company is also looking to India, he says.
Meanwhile, Vornado is renovating its mall portfolio, including Bergen Town Center, in Paramus, and Springfield [VA] Town Center. "The redevelopment we have in the retail portfolio is enormous," Fascitelli said.
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