EATONTOWN: Kushner Companies, a diversified real estate organization headquartered in New York, announced this week that it has acquired Vornado Realty Trust's 50 percent interest in the 1.5 million square foot Monmouth Mall in Eatontown, one of the state's largest shopping destinations.
In 2002, Kushner Companies acquired the mall in a 50 percent joint venture with Vornado for $164.7 million. Kushner Companies has now acquired Vornado's stake in the property, and another property, for roughly $230 million.
"We have enjoyed a great partnership with Vornado at the Monmouth Mall for over a decade," said Jared Kushner, CEO of Kushner Companies. "We will continue to build on the work that has been accomplished to take the mall to the next level."
Monmouth Mall is one of central New Jersey's leading shopping destinations, located just minutes from the Jersey Shore beaches and featuring Macy's, JCPenney, Boscov's, Lord & Taylor and more than 150 places to shop and dine, as well as a 15-screen AMC Loews Multiplex Theater. In addition to the Food Court, restaurants at the mall include Buffalo Wild Wings, Chili's, Johnny Rockets, Ruby Tuesday, TGI Friday's, Bobby's Burger Palace and Chipotle Mexican Grill.
Monmouth Mall went through a significant expansion in 2009 and some renovations in 2010 and 2012.
Kushner Companies and VNO remain partners in the 1.5 million square foot office tower located at 666 5th Avenue in NYC.