PHILADELPHIA AND SAN JOSE, CALIF. — In two separate transactions, Vornado Realty Trust (NSYE: VNO) has completed the sale of two retail properties for a combined total of $263 million. A retail property in Philadelphia, that is part of the Gallery at Market East, sold for $60 million. The Plant, a shopping center in San Jose, Calif., sold for $203 million. The sales resulted in net proceeds of approximately $156 million, after repaying the mortgage on the San Jose property and closing costs. The Gallery at Market East is a mall located at 901 Market St. in downtown Philadelphia with more than 130 stores. The Plant is located at the intersection of Monterey Highway and Curtner Avenue and spans 643,325 square feet. Tenants at The Plant include Applebee’s Best Buy, Chase, Home Depot, OfficeMax, PetSmart and Target. A net gain of $69 million will be recognized in the second quarter.
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