HIGH POINT, NC-Vornado Realty Trust is expected to surrender its property rights on a furniture mart measuring two million square feet in High Point, NC, to its mortgage holders. According to Realpoint LLC, it has been over 90 days since Vornado defaulted on its $191 million mortgage payments.
Vornado will transfer its property rights in a deed-in-lieu of foreclosure transaction to J.E. Robert Cos., which is the special servicer overseeing the mortgage. For the full story, go to Wall Street Journal.
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