Monday, October 22, 2012

Macerich To Buy Pair of Malls for $1.25 Billion




National Commercial Real Estate News From CoStar Group





Macerich To Buy Pair of Malls for $1.25 Billion



Vornado Realty Trust (NYSE: VNO) has announced an agreement to sell its Green Acres Mall in Valley Stream, NY to The Macerich Company (NYSE: MAC) for $500 million, or about $309 per square foot.

In a separate agreement, Alexander's, Inc. (NYSE: ALX), Vornado's 32.4% affiliate, also agreed to sell its Kings Plaza Mall in Brooklyn, NY to Macerich for $751 million, or about $696 per square foot.

Green Acres Mall is located in Long Island's southern...









Dueling Developers Announces Plans for Competing Outlet Malls in Charlotte



The race to build outlet centers is on in Charlotte, with Tanger Factory Outlet Centers, Inc. and a joint center of Simon Property Group, Inc. (NYSE: SPG) and Baltimore, MD-based Paragon Outlet Partners announcing projects within two days of each other.

Simon and Paragon announced Friday they have signed a letter of intent to jointly develop Charlotte Premium Outlets, a 400,000-square-foot center expected to open in 2014.

The outlet center,...






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