Vornado Realty Trust has bought the Bergen Mall, a 1 million sq. ft. property located near the REIT’s Paramus, N.J., headquarters. The seller was Simon Property Group.

The Bergen Mall, which is 96% occupied, has undergone several renovations over the years, along with ownership changes. More are planned: a Vornado spokesperson says the REIT is planning to redevelop the Bergen Mall. Analysts suspect Vornado will turn the mall into a power center. Current tenants include Value City, Marshall’s and a Saks Fifth Avenue outlet store.

The Bergen Mall transaction reportedly netted Simon a $50 million gain. A Simon spokesperson referred to the mall as a "non-core asset." So far this year, Simon has sold 13 properties and bought 11.