Macerich’s Kings Plaza in Brooklyn Continues Transformation Through Leasing Successes, Targeted Renovations
28 Septembre 2023 - 12:00PM
Macerich (NYSE: MAC), one of the nation’s leading owners, operators
and developers of high-quality retail and mixed-use properties in
top markets, today highlighted the success of the fully
remerchandised former Sears space at Kings Plaza, the only enclosed
mall in Brooklyn.
New stores now open in the former Sears box –
including a three-level Target, which just opened in August, as
well as Primark, Zara and Burlington – are expected to deliver
combined annual sales representing nearly eight times more than
Sears.
“The tremendous success of the new Target at Kings
Plaza, combined with strong performance for Primark, Zara and
Burlington, each of which have been open since 2018 in the former
Sears location, demonstrates the power and promise of Kings Plaza,
Macerich’s well-located, fully enclosed retail center in Brooklyn,”
said Eric Bunyan, Senior Vice President of Leasing, East Region,
for Macerich. “These national brands selecting Kings Plaza endorses
how valuable it is to be at our outstanding property in Brooklyn,
where traffic and sales continue to increase thanks to the variety
of great new brands we are attracting in many categories. These
include Shake Shack and Ashley Furniture, which are both doing
great, and we’re currently exploring opportunities for a
50,000-square-foot location on the corner of Flatbush Avenue and
Avenue U, which has terrific visibility and access.”
Bunyan added, “Macerich’s proven leasing approach,
which creates properties that mean more things to more people, is
appealing to a wider set of demographics, including affluent
shoppers who live in Kings Plaza’s dynamic trade area.”
Leasing changes combined with targeted renovations
have made Kings Plaza one of the most successful shopping centers
in the market, further establishing Macerich’s foothold in the New
York City metro area. Macerich also owns Green Acres, Queens
Center, Atlas Park and Danbury Fair Mall. In addition to the
complete transformation of the front of Kings Plaza along Flatbush
Avenue in 2018 with the redevelopment of the former Sears store,
other recent renovations designed to enhance the customer
experience at Kings Plaza included brightening and lightening the
attached parking deck and adding new lighting, furnishings and
flooring in the center’s second level.
About Kings Plaza
Kings Plaza is a 1.1 million-square-foot retail and
dining destination with a 10-level parking garage that serves the
entire borough as the only enclosed retail center in Brooklyn, NY.
Top names at the property include Target, Primark, Zara and
Burlington – all now open in the former Sears box location – as
well as Macy’s, Lowe’s, Ashley Furniture, Sephora, Shake Shack,
Abercrombie kids, Adidas, H&M, Old Navy and many others.
Additional information about Kings Plaza can be found at Kings
Plaza.
About Macerich
Macerich is a fully integrated, self-managed and
self-administered real estate investment trust (REIT). As a
leading owner, operator and developer of high-quality retail real
estate in densely populated and attractive U.S. markets, Macerich’s
portfolio is concentrated in California, the Pacific Northwest,
Phoenix/Scottsdale, and the Metro New York to Washington, D.C.
corridor. Developing and managing properties that serve as
community cornerstones, Macerich currently owns 47 million square
feet of real estate consisting primarily of interests
in 44 regional town centers. Macerich is firmly
dedicated to advancing environmental goals, social good and sound
corporate governance. A recognized leader in sustainability,
Macerich has achieved a #1 Global Real Estate
Sustainability Benchmark (GRESB) ranking for the North
American retail sector for eight consecutive years
(2015-2022). For more information, please
visit www.Macerich.com.
Macerich uses, and intends to continue to use, its
Investor Relations website, which can be found
at investing.macerich.com, as a means of disclosing material
nonpublic information and for complying with its disclosure
obligations under Regulation FD. Additional information about
Macerich can be found through social media platforms such as
LinkedIn. Reconciliations of non-GAAP financial measures, including
NOI and FFO, to the most directly comparable GAAP measures are
included in the earnings release and supplemental filed on Form 8-K
with the SEC, which are posted on the Investor Relations website
at investing.macerich.com.
MAC-LSOURCE: MacerichMEDIA CONTACT: Karen Maurer,
Macerich, 602-708-6311, Website: http://www.macerich.com
Macerich (NYSE:MAC)
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