NEW JERSEY—Vornado Realty Trust’s affiliate Alexander’s Inc., based in Paramus, N.J., has completed the previously announced sale of the Kings Plaza Mall located at 5100 Kings Plaza in Brooklyn, N.Y. for $751 million. The buyer was Santa Monica, Calif.-based The Macerich Co.
The acquisition marks Macerich’s entry into the Brooklyn market.
Totaling 1.1 million sq. ft., Kings Plaza Mall consists of two levels of enclosed space with a 10-level parking garage. Tenants include anchor tenants Macy’s, Sears and Best Buy, as well as Forever 21, H&M, Godiva and others.
Net proceeds from the sale were approximately $479 million after repaying the existing loan and closing costs. Vornado’s share of the financial statement gain is approximately $180 million.