Vornado’s Fund – VNO – Acquires Lincoln Road Retail Property in Miami Beach

Vornado Realty Trust (NYSE:VNO) announced that its 25% owned real estate fund (Vornado Capital Partners, L.P.) has acquired 1100 Lincoln Road, a 167,000 square foot retail property, the western anchor of the Lincoln Road shopping district in Miami Beach, Florida.  The property is 97% leased, with principal tenants Regal Cinemas, Anthropologie and Banana Republic and includes a 298-space parking garage.

The purchase price was $132 million, financed in part by a $66 million new mortgage loan on the property.  The loan bears interest at LIBOR plus 2.75% and matures in July 2015 with two one-year extension options.

About Vornado – VNO

Vornado (VNO ) is one of the largest owners and managers of commercial real estate in the United States with a portfolio of over 100 million square feet, primarily located in the New York and Washington, DC areas. Vornado’s core businesses include New York Office and Retail Properties; Washington, DC Office Properties; and, Retail Properties in the northeast states, California and Puerto Rico.

Vornado Realty Trust (VNO) is an integrated real estate investment trust (REIT). Vornado conducts its business through, and substantially all of its interests in properties are held by, Vornado Realty L.P., a limited partnership (the Operating Partnership). As of December 31, 2011, the Company was the sole general partner of, and owned approximately 93.5% of the common limited partnership interest in the Operating Partnership. Vornado operates in five business segments: New York Office Properties, Washington, DC Office Properties, Retail Properties, Merchandise Mart Properties and Toys R Us (Toys). In January 2012, the Company sold 350 West Mart Center. On December 23, 2011, the Company acquired 97.5% interest in 1399 New York Avenue. During the year ended December 31, 2011, the Company acquired a 49.5% interest in the property from the Kushner Companies. On January 12, 2011, it sold 1140 Connecticut Avenue and 1227 25th Street in Washington, DC.

VNO owns all or portions of:

New York:

• 30 office properties aggregating 19.3 million square feet;
• 46 properties with Manhattan street retail aggregating 2.2 million square feet;
• The 1,700 room Hotel Pennsylvania;
• A 32.4% interest in Alexander’s Inc. (ALX) which owns seven office and retail properties in the greater New York metropolitan area;

Washington:

• 77 properties aggregating 20.0 million square feet, including 63 office properties aggregating 17.0 million square feet and seven residential properties containing 2,424 units;

San Francisco:

• A 70% interest in 555 California Street, a three-building office complex in the financial district aggregating 1.8 million square feet known as Bank of America Center

Retail Properties:

• 7 enclosed malls aggregating 7.2 million square feet, located in the northeast / mid-Atlantic states and Puerto Rico;
• 123 strip shopping centers and single-tenant retail assets aggregating 16.7 million square feet, primarily in the northeast states and California;

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Post Written By: Ed Liston Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.