Macerich to buy Kings Plaza Mall for $751M

New York /
Oct.October 22, 2012 09:30 AM

Shopping Mall Investor And Operator Macerich Will Buy The Kings Plaza mall in Brooklyn for $751 million, the firm announced today. Macerich — the owner of Queens Center and the Shops at Atlas Park — is planning a $1.25 billion New York City mall push, under which it plans to buy two malls in or near New York City, the Associated Press reported.

Kings Plaza mall’s tenants currently include Macy’s, Lowe’s, Sears, H&M and Forever 21. The deal to buy the mall from Alexander’s Inc. is expected to close later this year.

The Santa Monica, Calif.-based company is also laying down $500 million for the Green Acres Mall in Valley Stream, which it is buying from Vornado Realty Trust.

The push comes despite a study earlier this year that predicted that at least 10 percent of U.S. malls are doomed.  In response to that study, Macerich CEO Art Coppola told the Wall Street Journal that “for every mall that disappears, there is an existing mall that gets so much better that it is more economically impactful.” [AP]Christopher Cameron

 

Related Articles

arrow_forward_ios
Macerich CEO Thomas O'Hern (iStock)
“Revenge buying” powers mall owner Macerich to crush estimates
“Revenge buying” powers mall owner Macerich to crush estimates
Macerich president Edward Coppola and a rendering of the redevelopment in Pheonix (Macerich/City of Pheonix)
Macerich unloads Phoenix mall for $100M; redevelopment awaits
Macerich unloads Phoenix mall for $100M; redevelopment awaits
Macerich CEO Thomas E. O’Hern and the Kings Plaza mall
Here’s what tenants are paying at Macerich’s Kings Plaza mall
Here’s what tenants are paying at Macerich’s Kings Plaza mall
Macerich CEO Thomas E. Hern. (Macerich)
Macerich looks to tap investors after stings from Covid then day traders
Macerich looks to tap investors after stings from Covid then day traders
(Getty)
J.C. Penney implosion hits two New York City malls
J.C. Penney implosion hits two New York City malls
From left: Taubman's Robert Taubman, Macerich's Thomas O'Hern and Simon Property Group's David Simon (Credit: Getty Images) 
Mall landlords’ stocks plunge as REIT eyes bankrupt Forever 21
Mall landlords’ stocks plunge as REIT eyes bankrupt Forever 21
Clockwise from left: Kings Plaza Shopping Center in Brooklyn, 45-18 Court Square  in Long Island City with GFP's Eric Gural, and 150-13 89th Avenue in Jamaica 
Brooklyn mall’s $487M tops outer-borough loan list
Brooklyn mall’s $487M tops outer-borough loan list
Kings Plaza Shopping Center and JPMorgan's Jamie Dimon 
Macerich lands nearly $500M refi for Kings Plaza Shopping Center
Macerich lands nearly $500M refi for Kings Plaza Shopping Center
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...