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Vornado Cuts Multi-Store Agreement with Lowe's

PARAMUS, NJ-The fast-growing home improvement chain will spend $100 million to build units at five retail properties owned by Vornado Realty Trust.

By Eric Peterson | Updated on December 24, 2002

PARAMUS, NJ-Vornado Realty Trust, based here, has signed a deal with Lowe’s, the Wilkesboro, NC-based home improvement chain, for stores at five of VRT’s retail properties in Northern and Central New Jersey. No details about the agreement were released.

The Vornado properties involved in the transaction are located in Hackettstown, Rockaway, Union, East Brunswick and Jersey City. Lowe’s officials say they expect to spend $100 million to build the new stores and to assist in the rehab of the five properties. The retailer, which entered the New Jersey market just a couple of years ago, currently has 14 stores in the Garden State and has said it is targeting at least two dozen openings over the next few years.

In late summer, company officials announced they planned to invest an estimated $1 billion to open some 60 stores in metro New York/New Jersey over the next several years.

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