X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PARAMUS, NJ-Vornado Realty Trust is buying 15 shopping centers in the New York City Metro area for $351 million. The REIT’s management did not disclose the sellers in the transaction, which is expected to close by the end of the year.

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.

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

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.