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