(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)
NEW YORK CITY-Vornado Realty Trust has closed on its $689-million acquisition of the Manhattan Mall from Argent Ventures. The one-million-sf mixed-use center consists of 164,000 sf of retail space and 812,000 sf of offices.
Vornado also completed a $232-million financing of Manhattan Mall. Its loan "bears interest at Libor plus 0.55% and matures in February 2009 with three one-year extension options," according to a company statement.
The 97%-leased Manhattan Mall is on Sixth Avenue between 33rd and 32nd streets. Steve & Barry's University Sportswear is one of the center's anchor tenants, while other stores include Aeropostale, Children's Place and Victoria's Secret.
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