Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For more retail coverage, click GlobeSt.com/RETAIL.

PARAMUS, NJ-Vornado Realty Trust has announced a series of separate transactions, including the acquisition of two shopping centers, agreements to acquire two retail condos and the acquisition of a mezzanine loan.

The two shopping centers contain a total of 185,000 sf, currently 100% leased, in Lodi, NJ and Inwood, NY. The total purchase price for the properties is $47.5 million, according to Vornado officials, with the New Jersey deal done and the Long Island property under contract. Vornado did not respond to a request for more information about the two properties.

The company has also announced that it has entered into agreements to acquire two retail condominiums containing 12,000 sf in the SoHo section of Manhattan for approximately $21.8 million. The two properties are situated near a 92,500-sf SoHo retail property in which Vornado recently acquired a 50% interest. The latest acquisitions are expected to close this month.

Each of the acquisitions is being funded as part of 1031 tax-free exchanges with a portion of the proceeds of the recent sale of the company’s Palisades residential complex, a 538-unit high-rise in Fort Lee, NJ, and Dundalk Center, a 183,000-sf strip shopping center in Dundalk, MD.

And in yet another transaction, Vornado has acquired a $43.5 million mezzanine loan secured by Charles Square, a mixed-use asset in Harvard Square in Cambridge, MA. Charles Square includes 110,000 sf of office space, 30,000 sf of retail space, the 293-room Charles Hotel, a conference center and a 568-car parking facility. The loan, which is subordinate to $82.5 million of other debt, carries an interest rate of 7.56% and matures in September of 2009.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.