Macerich Acquires Two NY Malls For $1.25B

NEW YORK CITY-Macerich Cos., a Santa Monica, CA-based retail REIT with 62 regional shopping centers in its US portfolio, has snatched up two of the largest malls in the New York metropolitan area. According to a statement released Monday morning, the company has acquired the Kings Plaza Mall in Brooklyn and the Green Acres Mall in Valley Stream, NY, for approximately $1.25 billion.

Macerich acquired Kings Plaza from a subsidiary of Alexander’s Inc., a publicly-traded REIT that is one-third owned by Vornado, for a purchase price of $751 million. The mall – anchored by Macy’s, Sears, Best Buy and Lowe’s Home Improvement – is 95% occupied by tenants such as Aeropostale, American Eagle, Armani Exchange, Forever 21, H&M, Swarovski and Victoria’s Secret. The company expects to place secured debt on the property at the closing of the transaction, which is planned to wrap up in late 2012.