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

March 19, 2019 01:49PM

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]