Vornado Realty Trust : Vornado's Fund Acquires Lincoln Road Retail Property in Miami Beach
07/05/2012| 08:55pm US/Eastern
VORNADO REALTY TRUST (NYSE:VNO) announced today 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.
Vornado Realty Trust is a fully integrated equity real estate investment
Certain statements contained herein may constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
Such factors include, among others, risks associated with the timing of
and costs associated with property improvements, financing commitments
and general competitive factors.
Vornado Realty Trust
Joseph Macnow, 201-587-1000
© Business Wire 2012