IN-DEPTH: Vornado sells two D.C. retail properties for $735m
Vornado Realty Trust has agreed to sell two retail properties in Washington, D.C., for $735 million.
Both retail deals are pending. They will be the highest priced retail transactions in the Washington, D.C., area in the past 24 months.
The highest priced asset is Springfield Town Center, selling for $465 million, or $313 per square foot, to PREIT.
In 2005, Vornado purchased an option valued at $36 million to buy the mall from the previous owner, Franconia Two. The firm then purchased the mall for an additional $80 million with plans to redevelop.
The second sale was a 50 percent partial interest in the Shops at Georgetown Park in Washington, D.C. The buyer is Jamestown Premier Property Fund, managed by Jamestown Properties.