A major redevelopment of the Green Acres Mall in Valley Stream is the focus of an event at the property with the Commercial Industrial Brokers Society of Long Island this week.
Macerich, the Santa Monica, Calif.-based real estate investment trust that owns the mall, has announced plans to demolish the vacant 144,000-square-foot Sears department store and Sears Auto store and an adjacent parking structure. Those will be mostly replaced by landscaped open space and parking.
The mall owner will also construct a new 82,000-square-foot ShopRite supermarket and the 116,000-square-foot former Kohl’s department store space will be redeveloped to add new retail spaces and restaurants.
Green Acres will be the place to be when Macerich hosts the CIBS retail division at the mall from noon to 3 p.m. on Thursday, Jan. 18 to promote the changes at the property and unveil leasing incentives to brokers bringing new tenants to the Valley Stream complex. The event takes place on the first level of the former Kohl’s space.
“We had great turnouts at our retail events last year and are extremely excited that Macerich decided to use our CIBS network to help bring commercial brokers to this event,” said Greg Batista, chair of CIBS retail committee. “This is a big deal in the retail landscape of Long Island and an amazing opportunity for any retailer to open a business here.”
Publicly traded Macerich has owned the 2 million-square-foot Green Acres shopping complex since 2013, when they bought it from Vornado for $500 million.
Jeremy Isaacs of RIPCO Real Estate represented ShopRite, as well as the landlord Macerich, in the Green Acres supermarket lease transaction.
David Winzelberg
Source link
