{"id":1004734973,"date":"2024-10-30T04:23:50","date_gmt":"2024-10-30T12:23:50","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004734973"},"modified":"2024-10-30T05:01:42","modified_gmt":"2024-10-30T13:01:42","slug":"macerich-lands-525m-for-queens-mall","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/","title":{"rendered":"Macerich Lands $525M for Queens Mall"},"content":{"rendered":"\n

<\/p>\n\n\n

\n
\"Queens<\/a>
Macy’s is one of the tenants at Queens Center. Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n

Macerich has refinanced Queens Center, a 968,000-square-foot shopping mall in Elmhurst, N.Y. The owner obtained a new $525 million loan that features a fixed interest rate of 5.37 percent and interest-only payments.<\/p>\n\n\n\n

This marks the lowest refinancing rate the company has achieved since 2019, Macerich President & CEO Jack Hsieh<\/a> said in prepared remarks. In addition, the deal is more favorable than what Macerich anticipated in its spring 2024 five-year forecast.<\/p>\n\n\n\n

The property’s previous debt included a $600 million CMBS loan originated by Wells Fargo Bank in 2013, having U.S. Bank as trustee, according to CommercialEdge data. The note was due to mature next January.<\/p>\n\n\n\n

A top-performing shopping mall<\/h2>\n\n\n\n

Queens Center consistently has been one of the top-performing assets in Macerich\u2019s portfolio, according to Hsieh, being one of the most productive malls in the nation during its 50-year history.<\/p>\n\n\n\n

The mall came online in 1972 on a 10-acre site formerly occupied by an amusement park, a supermarket and a parking place. Between 2002 and 2004, the property underwent a major redevelopment project, completed in two phases, which also expanded its original 605,000-square-foot size.<\/p>\n\n\n\n

\n\n\n\n

READ ALSO:<\/strong> Inside the Retail Stores of the Future<\/a><\/p>\n\n\n\n

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The tenant roster includes a diverse mix of retailers such as JCPenney, Macy\u2019s, Abercrombie Kids, Timberland, Chick-fil-A, The Cheesecake Factory, Apple, Adidas, Applebee\u2019s, Burlington, Chipotle, Claire\u2019s, Dunkin\u2019 Donuts, Game Stop, Foot Locker, KFC, MAC Cosmetics, Sephora, Shake Shack and Starbucks, among many others.<\/p>\n\n\n\n

Primark, H&M, Warby Parker, Gap and Kiko Milano will soon open their doors in the Macerich-owned section of Queens Center, filling all available retail space. Ashkenazy Acquisition Corp.\u2014which owns the JCPenney building at the mall\u2014also recently announced that a Burlington store will open on its first floor just in time for the holiday season.<\/p>\n\n\n\n

Located at 90-15 Queens Blvd., the shopping mall is at the junction of Queens Boulevard, the Long Island Expressway and Woodhaven Boulevard, featuring high visibility and accessibility. As the only super-regional mall in Queens, the property serves approximately 415.000 individuals within a 2-mile radius, according to Macerich. Its total trade area amounts to more than 2.4 million people.<\/p>\n","protected":false},"excerpt":{"rendered":"

The loan has the lowest refinancing rate the company has obtained since 2019.<\/p>\n","protected":false},"author":3014,"featured_media":1004734974,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,1600,21742,10,21749],"tags":[35826,32958,33231,33215],"class_list":["post-1004734973","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-new-york","category-latest","category-northeast","category-retail","tag-cmbs","tag-macerich","tag-u-s-bank","tag-wells-fargo-bank"],"acf":[],"yoast_head":"\nMacerich Lands $525M for Queens Mall - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Macerich has refinanced Queens Center, a shopping mall in New York City's Queens borough. with a $525 million loan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Macerich Lands $525M for Queens Mall\" \/>\n<meta property=\"og:description\" content=\"Macerich has refinanced Queens Center, a shopping mall in New York City's Queens borough. with a $525 million loan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-30T12:23:50+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-30T13:01:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Queens-Center-e1730279698602.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/\",\"name\":\"Macerich Lands $525M for Queens Mall - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Queens-Center-e1730279698602.jpg\",\"datePublished\":\"2024-10-30T12:23:50+00:00\",\"dateModified\":\"2024-10-30T13:01:42+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Macerich has refinanced Queens Center, a shopping mall in New York City's Queens borough. with a $525 million loan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/macerich-lands-525m-for-queens-mall\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Queens-Center-e1730279698602.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Queens-Center-e1730279698602.jpg\",\"width\":1000,\"height\":750,\"caption\":\"Queens Center. 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