Macerich wins Shops at Atlas Park for $54M

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The shopping center giant that operates the Queens Center Mall snapped up Glendale’s Shops at Atlas Park for roughly $54 million at a foreclosure auction last week, sources told the Daily News. The firm, Macerich, which bought the complex through WMAP LLC and is slated to close by the end of the month, now owns two of the largest malls in Queens. It was previously reported that lenders Credit Agricole and Société Générale had been hoping to fetch at least $119 million for the outdoor shopping center, which has a Regal movie theater, Borders bookstore and several restaurants. Developer Damon Hemmerdinger, a relative of former MTA Chairman Dale Hemmerdinger, ceded control of the 400,000-square-foot complex in February 2009 after defaulting on his $128 million loan. [NYDN]

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