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Vornado completes sale of two properties in deals worth $263 million

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Paramus-based Vornado Realty Trust announced today it has completed the previously announced sales of The Plant, a power strip shopping center in San Jose, for $203 million, and a retail property in Philadelphia for $60 million, in two separate transactions.

According to an announcement by Vornado, a real estate investment trust, the sales resulted in net proceeds of approximately $156 million after repaying the mortgage on the San Jose property and closing costs. A net gain of $69 million will be recognized in the second quarter.

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