The Macerich Company (NYSE:MAC) entered into an agreement to acquire Green Acres Mall, LLC from Vornado Realty Trust (NYSE:VNO) for approximately $500 million on October 21, 2012. As of December 31, 2011, Green Acres Mall reported revenues of $59.6 million. The transaction is subject to customary closing conditions and the Green Acres sale is conditioned on the closing of the Kings Plaza sale. This sale is expected to be completed in the first quarter of 2013. Net proceeds from the sale will be approximately $185 million after repaying the existing loan and closing costs. Joseph Shenker, William Farrar, Arthur S. Adler, Ralston Turbeville, and Adam Sofen of Sullivan & Cromwell LLP acted as legal advisors for Vornado Realty Trust. Mai-Ly Marsh of Commonwealth Land Title Insurance Company acted as escrow agent to Green Acres Mall, L.L.C. and Valley Stream Green Acres LLC.

The Macerich Company (NYSE:MAC) completed the acquisition of Green Acres Mall, LLC from Vornado Realty Trust (NYSE:VNO) on January 24, 2013. The transaction was funded with a $325 million, eight-year, fixed rate loan while the balance was funded from cash on hand and from Macerich's line of credit.