Macerich (MAC) Acquires Green Acres Mall in $500M Deal

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Macerich Co. (NYSE: MAC) announced the closing of the acquisition of Green Acres Mall. 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.

Green Acres was acquired from a subsidiary of Vornado Realty Trust. The purchase price was $500 million. The acquisition was funded with a $325 million, eight-year, fixed rate loan. The loan has a fixed interest rate of 3.43%. The balance of the purchase price was funded from cash on hand, and from the Company's line of credit.

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