Macerich (MAC) to Acquire Kings Plaza and Green Acres Mall in $751M Deal (ALX)

October 22, 2012 6:04 AM EDT
The Macerich Company (NYSE: MAC) today announced the planned acquisition of Kings Plaza and Green Acres Mall. Kings Plaza is a 1.2 million square foot super regional mall. Kings Plaza is anchored by Macy's, Lowe's and Sears and is the only enclosed super regional mall in Brooklyn, New York. Green Acres Mall is a 1.8 million square foot super regional mall located in Valley Stream, New York. Green Acres is anchored by Macy's, Macy's Men's, Sears, Kohl's, jcpenney, BJ's Wholesale Club and Walmart.

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 square foot are $650. The center is currently 95% occupied and has a tenant line-up that includes Aeropostale, American Eagle, Armani Exchange, Forever 21, H&M, MAC, Pink, Swarovski and Victoria's Secret.

Kings Plaza is being acquired from a subsidiary of Alexander's, Inc. (NYSE: ALX).

The purchase price is $751 million and the transaction is planned to close in late 2012. 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.

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