Macerich Closes on $500M Green Acres Deal

VALLEY STREAM, NY-Macerich Co. said Friday it had finalized its $500-million acquisition of the Green Acres Mall here, closing the loop on a two-property deal first announced this past October. The Santa Monica, CA-based shopping center owner acquired Green Acres and Kings Plaza in Brooklyn from Vornado Realty Trust for a combined $1.25 billion.

In a statement, Macerich said Friday that the purchase of the 1.8-million-square-foot Green Acres was funded largely with a $325-million, eight-year loan with a fixed interest rate of 3.43%. The balance of the purchase price was funded from cash on hand, and from the company’s line of credit. Macerich was represented in the acquisition by Tom Muller, Anita Hsu and Kim Moore at Manatt, Phelps & Phillips.