Vornado Sells Its Only Remaining LI Mall

HICKSVILLE, NY-Vornado Realty Trustis selling its last remaining Long Island shopping center property. The office and retail REIT said late Friday afternoon that it had entered into an agreement to sell the 1.1-million-square foot Broadway Mall here for $94 million, about 40% less than the $152.5 million it paid to acquire the property in December 2005. The buyer was KKR and Broadway Mall Pacific, a partnership between Pacific Retail Capital Partners, Clifton Realty and Peter Fair of Continuum Partners.

The sale is in line with New York City-based VNO’s stated intention to reduce its retail holdings. Months after VNO sent a letter to shareholders saying that it would pare its shopping center portfolio, it sold Kings Plaza in Brooklyn and Green Acres Shopping Center in the Nassau County community of Valley Stream to Macerich Co. for a combined $1.251 billion.