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February 9th, 2011Vornado takes over Wayne Towne Center

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by Andrew Tangel
NorthJersey.com

Vornado Realty Trust, the giant office and retail landlord, has struck a deal to develop Wayne Towne Center, a shopping complex next to the Willowbrook Mall, whose fortunes declined during the recession.

The new owners of Wayne Towne Center hope to redevelop the Routes 46 and 23 property to complement the neighboring Willowbrook Mall.

Vornado, which has offices in New York and Paramus, has bought a leasehold interest in the 49-acre site for $12.1 million from San Francisco-based Wells Fargo & Co. as a real estate-owned property, according to the commercial real estate data provider CoStar.

That price does not include leasing the land for $2.5 million a year, according to one real estate investor who considered the deal, which was brokered by Eastdil Secured.

A multimillion-dollar redevelopment of the shopping center, near Routes 46 and 23, stalled after home furnishings retailer Fortunoff went through bankruptcy in 2008 and 2009 and closed its store at the center.

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