CBRE brokers sale of former Toys ‘R’ Us HQ in Wayne to anonymous buyer

New York /
Mar.March 19, 2019 01:49 PM

CBRE Group closed Monday on the sale of a 621,000-square-foot former Toys “R” Us corporate headquarters in Wayne. CBRE’s Jeff Babikian, Robert L’Abbate, Allyson L’Abbate, Nor Ramos and Brian Godau advised the company on the sale, although the brokerage firm’s statement did not disclose the purchase price for the 191-acre campus, which was sold to an unnamed buyer. The two-building property, known as 1 Geoffrey Way after the giraffe made famous by the now bankrupt toy retailer, will see its new owner enhance the site for multiple uses, according to NorthJersey.com. The outlet noted that the property first belonged to chemical conglomerate American Cyanamid, which built the complex overlooking Point View Reservoir in 1962. It was renovated in 2003 when Toys “R” Us acquired the building. Following the announcement in March 2018 that Toys “R” Us would vacate the premises after filing for bankruptcy several months prior, credit rating agency Moody’s assigned an Aaa rating to Wayne’s $17.2 million in Series 2018 obligation bonds. Toys “R” Us is currently in the process of selling off certain stores, a process for which it has hired JLL. The storied toy seller hopes to revive at least some of its business. As noted by The Real Deal on Monday, Target has agreed to replace a 90,000-square-foot Toys “R” Us store at Caesar’s Bay Shopping Center in Brooklyn. [NorthJersey.com]


Related Articles

arrow_forward_ios
A rendering of the facility at 1029 Newark Avenue in Elizabeth, Fidelco chairman Marc Berson and Elberon Development Group chairman Ann Evans Estabrook (Photos via JLL, Fidelco and Elberon)
Cold storage facility in New Jersey gets $34M loan
Cold storage facility in New Jersey gets $34M loan
(Getty)
Summer camps can reopen, but much remains unknown
Summer camps can reopen, but much remains unknown
Progress Capital partner Brad Domenico and the development at 136 Summit Avenue (Photos via Progress Capital)
Jersey City development advances with $30M construction loan
Jersey City development advances with $30M construction loan
Trump Plaza in Atlantic City (Getty)
Trump Plaza in Atlantic City is demolished
Trump Plaza in Atlantic City is demolished
Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock)
Condé Nast considers move to Gold Coast to save money
Condé Nast considers move to Gold Coast to save money
A rendering of Moorestown Mall (Courtesy of PREIT)
Apartments, hotel to be added to Moorestown Mall
Apartments, hotel to be added to Moorestown Mall
The 5,400-square-foot McMansion in Colts Neck, New Jersey (Photos via Robert DeFalco Realty)
It’s Christmas every day at this New Jersey home
It’s Christmas every day at this New Jersey home
Newark Mayor Ras Baraka (Getty)
“Nobody wants to follow the rules”: Covid spike triggers Newark crackdown
“Nobody wants to follow the rules”: Covid spike triggers Newark crackdown
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...