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Transactions - MARCH 18, 2014

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IN-DEPTH: Vornado sells L.A. retail center for $260m

by Andrea Waitrovich

Vornado Realty Trust has sold Beverly Connection, a 335,000-square-foot shopping center in Los Angeles, for $260 million. Here’s an in-depth look at the deal.

 

THE DEAL

The buyer was not disclosed; however, the L.A. Times reported it was Ashkenazy Acquisition Corp.

The property is unencumbered. The sale will result in a net gain of approximately $40 million. The sale, which is subject to customary closing conditions, is expected to be completed in third quarter 2014.

Eastdil Secured assisted the seller in the transaction.

 

THE ASSET

Beverly Connection is located between Beverly Hills, the Miracle Mile District and West Hollywood. &

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