By Scott Baltic, Contributing Editor<\/i><\/p>\n
Vornado Realty Trust, of Paramus, N.J., has entered into an agreement to sell Broadway Mall in Hicksville, N.Y., on Long Island, for $94 million, the REIT announced Friday.<\/p>\n
The sale reportedly will result in net proceeds of about $92 million after closing costs and is expected to close this quarter.<\/p>\n
Through a spokesperson, Vornado declined to identify the buyer or comment further on the transaction.<\/p>\n
The center is anchored by Ikea, Target, Macy\u2019s, H&M and Old Navy. Other tenants include Forever 21, New York & Co., Broadway Multiplex Cinemas, Zumiez, Hollister, Aeropostale, Charlotte Russe, American Eagle, Rue 21 and Disney Store.<\/p>\n
The mall was completed in 1956 as Mid-Island Plaza and was purchased by Vornado for $153 million in October 2005, according to a UPI report at that time.<\/p>\n
The sale evidently is part of Vornado\u2019s effort to reduce its mall portfolio and follows the January 2013 sale, for $500 million, of the Green Acres Mall in Valley Stream (also on Long Island) to The Macerich Co.<\/p>\n
The mall had filed for bankruptcy in 1990, but the following year began a revitalization that included the addition of the Ikea store.<\/p>\n
When Broadway Mall was put up for sale in November, it was 92.6 percent occupied, according to Newsday. Cushman & Wakefield represented Vornado in the sale.<\/p>\n","protected":false},"excerpt":{"rendered":"
Vornado Realty Trust has entered into an agreement to sell Broadway Mall in Hicksville, N.Y., on Long Island, for $94 million.<\/p>\n","protected":false},"author":882,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,11,1600,21742,10,21749],"tags":[],"class_list":["post-1004091405","post","type-post","status-publish","format-standard","hentry","category-investment","category-midatlantic","category-new-york","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"\n