Macerich Invests in Two New York Malls

Property.com > Resources > News > Macerich Invests in Two New York Malls
By Jason Franklin
Tuesday October 23rd, 10:00 AM

In a deal reported to be worth $1.25 billion, Macerich has purchased two malls in the New York metro area. The deal includes Kings Plaza Mall in Brooklyn and the Green Acres Mall in Valley Stream.

In a statement, Arthur Coppola, chairman and chief executive officer of Macerich said that the move allows the company to "build on our New York portfolio and will be an excellent complement to Queens Center,” adding that at Kings Plaza and Green Acres, "there are substantial opportunities to replace lower sales producing tenants with higher productivity tenants, in a manner similar to what we accomplished after we acquired Queens Center."

Macerich purchased Green Acres Mall, which is 94% occupied and anchored by Macy's, Kohl's, Sears, Old Navy and JCPenney, was acquired for $500 million from Vornado Inc. Other long-term tenants include Modell's Sporting Goods and Forever 21. Kings Plaza Mall in Brooklyn was purchased for $751 million from Vornado subsidiary Alexander, Inc. It is anchored by Best Buy, Sears, Macy's and Lowe's, and also includes the popular Armani, Victoria's Secret, Aeropostale and American Eagle.




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