Vornado's Fund Acquires Lincoln Road Retail Property in Miami Beach
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 trust.
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