REAL ESTATE

Macerich to acquire Kings Plaza and Green Acres Mall

BY Katherine Boccaccio

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.”

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REAL ESTATE

HomeGoods to open in Huntington Beach

BY Staff Writer

Tustin, Calif. — Present Value Properties said it has negotiated a 10-year, 24,160-sq.-ft. lease for HomeGoods at the Sher Lane Shops, a 45,000-sq.-ft. community center in Huntington Beach, Calif.

TJX Cos.-owned HomeGoods, which joins Men’s Wearhouse, Stone Hedge Tiles and Vitamin Shoppe, is expected to open in spring 2013 in a former Office Depot space.

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REAL ESTATE

Alexis Bittar to open on Manhattan’s Upper West Side

BY Staff Writer

New York — Prudential Douglas Elliman’s Retail Group said that jewelry designer Alexis Bittar will open a new store at 410 Columbus Avenue, between 79th and 80th Streets, in New York City. It is the designer’s fourth Manhattan store; the other three are on Madison Avenue, in Soho and in the West Village.

With nine stores nationwide, including Los Angeles, San Francisco and Venice in California, Chicago, Manhattan and a brand new one in Greenwich, Conn., the brand is in expansion mode and currently planning possible Florida locations.

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