Market Commentary and Intraday News
Macerich plans to buy 2 NY malls for $1.3B
213 days ago
(AP:SANTA MONICA, Calif.) Macerich is planning to buy two malls in or near New York City for $1.25 billion as it looks to expand its presence in that market.
The shopping center developer said Monday that it will buy Kings Plaza, a mall in Brooklyn, New York, for $751 million from Alexander's Inc., a shopping mall owner. The mall's stores include Macy's, Lowe's, Sears, H&M and Forever 21.
The deal is expected to close later this year.
Macerich Co. is also buying the Green Acres Mall from Vornado Realty Trust, a fellow real estate investment trust, for $500 million. The mall, in Valley Stream, N.Y., just outside New York City, has stores including include Macy's, Kohl's, J.C. Penney and Walmart.
The Santa Monica, Calif., company plans to complete the Green Acres Mall purchase by March.
The company owns two other malls in New York City, the Queens Center and the Shops at Atlas Park.
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