Santa Monica, Calif. -- The Macerich Co. announced on Monday plans to acquire Kings Plaza, located in Brooklyn, N.Y., and Green Acres Mall, located in Valley Stream, N.Y., on the border of New York City and Nassau County.
Kings Plaza is being acquired from a subsidiary of Alexander's for $751 million, with a closing date set for late 2012. Green Acres is being acquired from a subsidiary of Vornado Realty Trust for $500 million, with a first quarter 2013 closing date.
Kings Plaza is a 1.2 million-sq.-ft. super regional mall anchored by Macy's, Lowe's and Sears. Green Acres Mall is a 1.8 million-sq.-ft. super regional mall anchored by Macy's, Macy's Men's, Sears, Kohl's, J.C. Penney, BJ's Wholesale Club and Walmart.
"These transactions are consistent with our investment strategy of acquiring assets in the major markets where we have our best assets and selling non-core assets and recycling capital,” said Arthur Coppola, chairman and CEO, Macerich. “This allows us to build on our New York portfolio and will be an excellent complement to Queens Center.”