News & Press: Regional News

Mystery buyer of Toys R Us headquarters revealed. Sale price was millions less than market value.

Tuesday, June 11, 2019  
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Anthony G. Attrino | NJ.com

 

June 7, 2019

The 193-acre former Toys R Us headquarters are on Geoffrey Way in Wayne.

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The 193-acre former Toys R Us headquarters are on Geoffrey Way in Wayne
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The buyer of the Toys R Us headquarters in Passaic County purchased the 193-acre site, which includes a helipad, for $19 million, even though the property has an estimated market value of $94.1 million, according to a report.

Point View Wayne Properties, a limited liability company, obtained the former headquarters through a bankruptcy proceeding in Richmond, Virginia, months ago and finalized the deal in March, according to a report on NorthJersey.com.

CBRE, a real estate investment firm, announced earlier this year that it had sold the site, located at 1 Geoffrey Way, to a “buyer” that “has plans to enhance the site for multiple uses.”

“The chance to own a site like 1 Geoffrey Way does not come around often,” CBRE Executive Vice President Jeffrey Babikian said in a news release in March.

“Not only is the new ownership securing a world-class office complex, but also a one-of-a-kind development opportunity to enhance a site that offers a beautiful campus-like setting with a scenic view and numerous amenities not to mention proximity to New York City,” Babikian said.

The Wayne complex served as the home for Toys R Us corporate headquarters for 16 years and features two interconnected office buildings totaling over 621,000 square feet, CBRE said.

Toys R Us officially announced plans to liquidate the inventory in all 735 of its U.S. stores, including stores in Puerto Rico just over one year ago.

Since that time, Richard Barry, a former Toys R Us executive and now CEO of the rebranded company, called Tru Kids, Inc., announced that he was exploring freestanding stores, shops within existing stores as well as e-commerce.

Tru Kids, owned by former investors of Toys R Us, will manage the Toys R Us, Babies R Us and Geoffrey brands. Tru Kids, based in Parsippany, will work with licensing partners to open 70 stores this year in Asia, India and Europe.

Former Toys R Us employees who were left without jobs and severance pay after Toys R Us liquidated in last June started receiving receive checks from a $20 million hardship fund in early January.


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