Vornado seeks buyer for three NYC-area mall stakes

TRD New York /
May.May 23, 2012 09:30 AM

Vornado Realty Trust has commissioned Eastdil Secured to market its stakes in three New York City-area malls, the Wall Street Journal reported, as the investment trust looks to exit the sector. The Steven Roth-led firm wants to unload a 32.4 percent stake in Brooklyn’s Kings Plaza Regional Shopping Center, a 1.2 million-square-foot mall that’s 95.6 percent occupied and anchored by Sears, Lowe’s and Macy’s. The property has a $250 million mortgage and posts annual sales figures of $655 per square foot.

Vornado is also looking to sell its 100 percent stake in the 90.6 percent-occupied Green Acres Mall in Valley Stream, that’s anchored by a Macy’s, Sears, Walmart and JCPenney and posted sales of $475 per foot last year. Finally, it’s looking for a buyer for a 50 percent stake in the 1.5 million-square-foot Monmouth Mall in New Jersey, that’s 92.7 percent occupied and posts $400 in sales per foot.

The sale is part of a strategy by Vornado to simplify its portfolio by relinquishing retail properties and comes as more retail execs say that many U.S. malls are doomed. However, the quality of these particular properties has already helped draw interest from General Growth Properties, Glimcher Realty Trust and CBL & Associates Properties, according to the Journal. [WSJ]

Related Articles

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

Facebook CEO Mark Zuckerberg and Apple CEO Tim Cook with a rendering of the Farley development (Credit: Getty Images, SOM iStock)

Facebook facing off with Apple over space in Vornado’s Farley Building conversion

220 Central Park South and Michael Cantanucci (Credit: Getty Images and Google Maps)

Car dealer drops $38M for condo at 220 CPS

Facebook CEO Mark Zuckerberg and a rendering of the Farley Post Office building redevelopment (Credit: Getty Images, SOM)

Facebook in talks for massive lease at Vornado’s Farley Building

Vornado president Michael Franco and 512 West 22nd Street (Credit: VNO)

WarnerMedia to anchor Vornado’s West Chelsea spec office

From left: 220 Park Avenue South, 15 Central Park West, 520 Park Avenue, 35 Hudson Yards, Sting, Juan Beckmann Vidal, Daniel Och, Bob Diamond, and Stephen Ross (Credit: Getty Images, Wikipedia, StreeEasy, and Google Maps)

Serial buyers trade “old” condos for new on Billionaires’ Row