WAYNE — The former Toys R Us corporate headquarters property has been sold to a developer that intends to "enhance the site for multiple uses," a real estate investment firm announced Monday.

CBRE Group Inc., based in Los Angeles, said in a news release that its executives acted on behalf of the toy giant to sell the 191-acre tract to an unnamed buyer.

The price of the sale was not disclosed.

The land, at 1 Geoffrey Way, features two office buildings, overlooking Point View Reservoir and measuring a total of 621,000 square feet. The complex, which initially was headquarters for American Cyanamid Co., was built in 1962 and was renovated when Toys R Us took ownership in 2003.

"The chance to own a site like [this] does not come around often," Jeffrey Babikian, executive vice president of CBRE Group, said in the statement.

COMING SOON:Strip mall, restaurant and preschool approved for Hamburg Turnpike in Wayne

WAYNE NEWS:Huge Olympic pingpong training facility could take out 67 trees

"Not only is this new ownership securing a world-class complex," he added, "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."

It was unclear what the developer has in mind for the site, which serves as a symbolic reminder of the wave of once-popular suburban office parks built across North Jersey.

Christopher Vergano, Wayne's mayor, said he was not surprised to hear about the sale of the former corporate campus, which buffers two residential lake communities.

"This location is the most pristine piece of property in the township, and I am certain that many developers were interested in purchasing the property," Vergano said in an email on Monday. "Wayne Township is in the middle of a major redevelopment cycle, and we look forward to hearing from the new owners of the property on how their plans meet the needs and wants of our community."

Story continues below the gallery

Vergano declined to disclose the name of the buyer, and CBRE did not respond to requests for further comment on Monday.

Toys R Us has occupied the property since the early 2000s, after receiving township approval in October 2001.

At that time, the toy retailer was eyeing the former American Cyanamid campus, which reportedly had sat vacant since 1994, because of its vast size. Toys R Us, then based in Paramus, wanted to consolidate its numerous satellite offices and headquarters into one location.

The sale of the Wayne campus is just the latest in the ongoing Toys R Us saga, as the former retail icon continues its struggles in Bankruptcy Court. The Wayne sale is likely the first of many similar announcements tied to former Toys R Us properties nationwide.

After a crippling 2017 holiday season, Toys R Us liquidated stores across the United States last spring. New York City-based Raider Hill Advisors was retained as the real estate adviser to the toy company's bankruptcy estate in June 2018, and is handling the retailer's vacant properties nationwide.

Last week, the retailer's real estate subsidiary — Toys R Us Property I —announced that it had emerged from bankruptcy proceedings as a new entity called Hill Street Properties. Daniel Hurwitz, Raider Hill's founder and chief executive, said in the announcement that his firm was working to market the toy company's estimated 170 remaining properties in 40 states, including the now-sold property in Wayne.

"We look forward to working with Hill Street as we continue to market these assets without any interruption of the numerous transactions already under contract or those currently in negotiation," Hurwitz said in a statement.

Story continues below video

Last month, former Toys R Us executives announced that the retailer had emerged as a new company, called Tru Kids Inc., and would do business as Tru Kids Brands.

Tru Kids will be run by President and Chief Executive Officer Richard Barry, who was global chief merchandising officer for Toys R Us. It will be based in New Jersey, and its workforce will include former Toys R Us employees, the company has said. The company left the Wayne headquarters and has been working out of its new headquarters in Parsippany since January.

Tru Kids said it plans to open 70 stores this year in Asia and Europe, and it is focusing on the development of e-commerce platforms. It remains to be seen what the company's plan will be for the U.S. market.

Email: devencentis@northjersey.com

More Toys R Us news

A COMEBACK?:Toys R Us re-emerges as Tru Kids Inc.

RETAIL VACANCY:Toys R Us, other store closings push up retail vacancy rates in North, Central Jersey

MORE:Fired Toys R Us employees urge New Jersey to pull $300M from hedge fund