Former Toys ‘R’ Us HQ in Wayne trades for $19M in bankruptcy court

Three months after The Real Deal reported on the sale of the former Toys ‘R’ Us corporate headquarters in Wayne, the 173-acre property has officially traded hands for $19 million through a bankruptcy proceeding in Virginia, according to NorthJersey.com. A limited liability company called Point View Wayne Properties clinched the sale in March at a price well below its estimated market value of $94.1 million, NJ.com reported. CBRE Group brokered the sale, but earlier this year declined to disclose the size of the deal or the name of the buyer. The property at 1 Geoffrey Way in Wayne includes two office buildings totaling 621,000 square feet of office space and a helipad. According to CBRE, the new owner of the site will seek to reposition it for multiple uses. The property was built in 1962 and previously housed the chemical conglomerate American Cyanamid. Toys ‘R’ Us acquired the acreage in 2003. The bankrupt toys retailer tapped JLL last year to carry out the sale of 275 properties across the country. Toy manufacturers Hasbro and Mattel said sales fell by 12 percent and 8 percent, respectively, last year as a result of a spate of Toys ‘R’ Us store closings that began in March 2018. [NorthJersey.com]