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Vornado Buys Bergen Mall for $145M

PARAMUS, NJ-The venerable one million-sf shopping mecca moves out of the portfolio of Simon Property Group in a purchase funded as part of a Section 1031 Exchange.

By Eric Peterson | Updated on December 15, 2003

PARAMUS, NJ-Vornado Realty Trust might be better known for its high-profile office holdings across the river in Manhattan, but the REIT has a portfolio that includes 56 shopping centers totaling 12.4 million sf-and the company has just added another biggie to that group. Vornado is paying $145 million for the one million-sf Bergen Mall which, coincidentally, is right in the Paramus-based company’s own back yard.

The seller is another prominent name, the Indianapolis-based Simon Property Group. With 245 shopping centers amounting to 190 million sf, Simon is the world’s largest shopping center owner/developer.

Vornado is paying for the venerable shopping mecca in part through a Section 1031 tax-free like-kind exchange with a portion of the proceeds from its recent sale of the Two Park Avenue office building in Manhattan, according to company officials. The 965,000-sf tower was sold to Germany’s SEB Immobilien-Investment GMBH for $292 million, with Vornado reporting a gain of $157 million (see earlier story).

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