—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 thestatement gain is approximately $180 million.