Vornado Realty Trust and a partner have agreed to sell a Washington, D.C., mall for $272.5 million, the Washington Business Journal reported earlier this month.
An unnamed buyer will acquire The Shops at Georgetown Park from Paramus-based Vornado and Angelo, Gordon & Co., the Aug. 5 report said. The price tag equates to about $893 per square foot for the 305,000-square-foot shopping center, which Vornado and Angelo, Gordon had renovated from an indoor mall into a series of larger-format stores.
Vornado purchased the retail center for $61 million at a 2010 foreclosure auction, the Washington Business Journal said, later adding Angelo, Gordon as a 50 percent partner in the joint venture.
ALSO ON NJBIZ: