Paramus, N.J. – The sale is expected to be completed in Q3 of 2014.
Paramus, N.J. – Vornado Realty Trust will sell Beverly Connection, a 350,000-square-foot shopping center in Los Angeles for $260 million to a New York investor. According to Vornado, the sale will result in a net gain of approximately $40 million.
In a release, Vornado did not identify the buyer, but Ashkenazy Acquisition Corp. President Michael Alpert confirmed with the Los Angeles Times that Ashkenazy has agreed to purchase the property. The development, at La Cienega and Beverly boulevards and across from the Beverly Center, includes stores such as Old Navy, Men’s Wearhouse and Marshalls. “We like to acquire trophy properties in major markets around the U.S.,” Alpert says.
— Scott Reid