|
|
News Breaks | | | | October 22, 2012 | | 06:03 EDT |  | MAC | Macerich announces plans to acquire Kings Plaza and Green Acres Mall
The Macerich Co. announced the planned acquisition of Kings Plaza and Green Acres Mall. Kings Plaza is a 1.2M sq ft super regional mall. Kings Plaza is the only enclosed super regional mall in Brooklyn, New York. Green Acres Mall is a 1.8M sq ft super regional mall located in Valley Stream, New York. Kings Plaza is considered one of the most productive malls in the region and a great addition to Macerich's portfolio. The mall tenant's annual sales per sq ft are $650. The center is currently 95% occupied. Kings Plaza is being acquired from a subsidiary of Alexander's, Inc. The purchase price is $751M and the transaction is planned to close in late 2012. he Company expects to place secured debt on the property at the closing of the transaction. The balance of the purchase price will be funded from cash on hand, or from the company's line of credit. Green Acres Mall is 94% occupied and the mall tenant's annual sales per foot exceed $520. Green Acres was renovated and expanded in 2007 and has approximately 408,000 sq ft of in-line mall tenant space. Green Acres is being acquired from a subsidiary of Vornado Realty Trust. The purchase price is $500M and the transaction is expected to close in Q1 of 2013. The company expects to place secured debt on the property at the closing of the transaction. The balance of the purchase price will be funded from cash on hand, or from the company's line of credit. | |
|
News For MAC From The Last 14 Days Check below for free stories on MAC the last two weeks. |
|
|
| May 22, 2013 | | 11:51 EDT |  | MAC | Macerich management to meet with ISI Group
 Subscribe for More Information | |
|
|
|
|
|
|
