Macerich Lands $525M for Queens Mall
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.
This marks the lowest refinancing rate the company has achieved since 2019, Macerich President & CEO Jack Hsieh said in prepared remarks. In addition, the deal is more favorable than what Macerich anticipated in its spring 2024 five-year forecast.
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.
A top-performing shopping mall
Queens Center consistently has been one of the top-performing assets in Macerich’s portfolio, according to Hsieh, being one of the most productive malls in the nation during its 50-year history.
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.
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The tenant roster includes a diverse mix of retailers such as JCPenney, Macy’s, Abercrombie Kids, Timberland, Chick-fil-A, The Cheesecake Factory, Apple, Adidas, Applebee’s, Burlington, Chipotle, Claire’s, Dunkin’ Donuts, Game Stop, Foot Locker, KFC, MAC Cosmetics, Sephora, Shake Shack and Starbucks, among many others.
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.—which owns the JCPenney building at the mall—also recently announced that a Burlington store will open on its first floor just in time for the holiday season.
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.
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