Vornado Taking 15-Center Portfolio for $351M

PARAMUS, NJ-Vornado Realty Trust is buying 15 shopping centers in the New York City Metro area for $351 million. The REIT’s management did not disclose the sellers in the transaction, which is expected to close by the end of the year.

Anchor tenants in the portfolio, which is located in northern New Jersey and Long Island, include A&P, Home Depot, Kmart, Kohl’s, Stop & Shop and Target. Locally based Vornado is funding the purchase with $120 million in cash, $89 million in newly issued preferred and common stocks and $142 million in existing debt.

Vornado’s last retail buy was in January, when the company acquired the 386,000-sf Bruckner Plaza in the Bronx from the Kushner Cos. for $165 million. Just before that it bought Manhattan Mall, on Sixth Avenue, between 32nd and 33rd streets for $689 million.