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Queens Chronicle

Macerich to purchase Kings Plaza, Green Acres Mall

Buying Kings Plaza, Green Acres

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Posted: Thursday, October 25, 2012 10:30 am

The owners of the Queens Center mall and The Shops at Atlas Park have reached agreements to purchase a pair of shopping malls in Brooklyn and Nassau County.

Macerich Co., based in Santa Monica, Calif., will spend $751 million to obtain Kings Plaza in Brooklyn from Alexander’s, Inc., according to the Macerich website. It is 95 percent occupied.

The mall includes such anchors as Macy’s, Lowe’s, Sears, BJ’s Wholesale Club, Armani Exchange, Victoria’s Secret, H&M and Forever 21. Published reports said the deal is expected to be completed later this year.

The company also announced its intention to buy Green Acres mall in Valley Stream for $500 million from Vornado Realty Trust. Stores there include Macy’s, Kohl’s, J.C. Penney, Modell’s Sporting Goods and Walmart. It is occupied to 94 percent of capacity.

The deal is expected to be final by March 2013.

“This allows us to build on our New York portfolio and will be an excellent complement to Queens Center,” Arthur Coppola, the Macerich chairman and CEO, said in a statement on the website.

The makeup of both malls could face some shakeups after the sale, as Coppola said both properties present “substantial opportunities to replace lower sales-producing tenants with higher productivity tenants, in a manner similar to what we accomplished after we acquired Queens Center.”

Queens Center mall, located in Elmhurst, is considered the premier mall in the borough.

The Shops at Atlas Park has had a troubled history since it opened as an upscale shopping center in 2006.

Macerich purchased the property in federal bankruptcy proceedings in February 2011.

Borders, the last anchor-type national chain in the mall, shut its doors last summer when the national bookseller went bankrupt.

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