NEW YORK CITY-Vornado Realty Trust and its affiliate Alexander’s Inc. said late Friday that the $751-million sale of Kings Plaza Shopping Center in Brooklyn to the Macerich Co. has closed. The sales to Macerich of Kings Plaza and another Vornado retail property, Green Acres Mall in Valley Stream, NY, were first announced in October.

As a result of the sale of the 1.2-million-square-foot Kings Plaza reaching its conclusion, Vornado shareholders of record on Dec. 10 will receive a special long-term capital gain dividend of $1 per share, payable on Dec. 21. The REIT’s share of the financial statement is about $180 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.