Macerich To Welcome Target As A New Tenant To Kings Plaza In Brooklyn

Rhea-AI Summary

Macerich (NYSE: MAC) announced the opening of a new Target store at Kings Plaza in Brooklyn, occupying a 90,000-square-foot space formerly held by JCPenney. This addition enhances Kings Plaza's status as the largest enclosed retail shopping center in Brooklyn and reflects a resurgence in local in-person shopping. The new Target joins other notable anchor replacements across Macerich's East Coast properties, including Primark and Scheel's All Sports. Macerich, a leading retail and mixed-use property owner, manages 49 million square feet across 45 centers, focusing on prime markets.

Positive

• New Target store opening at Kings Plaza to replace JCPenney enhances foot traffic.
• Target is a premier brand that aligns well with local shopping demographics.
• Strengthened portfolio with new anchor tenants like Primark and Scheel's.
• New store openings indicate a recovery of in-person shopping in the area.

Negative

• None.

SANTA MONICA, Calif., Nov. 2, 2021 /PRNewswire/ -- Macerich (NYSE: MAC), one of the nation's leading owners, operators and developers of one-of-a-kind retail and mixed-use properties in top markets, today announced it will welcome a new Target store as a new tenant to Kings Plaza in Brooklyn. 

The three-level, 90,000 square-foot Target will open in the former JCPenney location at Kings Plaza, the largest enclosed retail shopping center in Brooklyn. 

"We are exceptionally pleased to welcome a new Target to Kings Plaza, which is a dominant retail destination in this dynamic part of New York City," said Ed Coppola, President, Macerich. "Target is an incredibly productive and premier brand that is a terrific fit for local shoppers, who have made a strong return to in-person shopping. We believe the attractive demographics surrounding Kings Plaza make this property a match for all that Target has to offer." 

New Tenant, Target, Adds to Anchor Replacement Successes Across Portfolio

The new Target at Kings Plaza adds to the slate of anchor replacements announced recently for Macerich's major East Coast properties. This includes Primark coming to Green Acres Mall on Long Island, Tysons Corner Center in Northern Virginia and Fashion District Philadelphia – all in former department store locations. New, multi-level Shoppers World department stores are now open at Green Acres Mall and Fashion District Philadelphia, both replacing former Century 21 department stores. 

In the West, Macerich announced in May that Arizona's first Scheel's All Sports will take the location of the former Nordstrom department store at Chandler Fashion Center. The Company looks forward to sharing more exciting announcements as Macerich continues to densify and diversify its top-quality regional town centers. 

About Macerich

Macerich is a fully integrated, self-managed and self-administered real estate investment trust (REIT), which focuses on the acquisition, leasing, management, development, and redevelopment of regional town centers throughout the United States.

Macerich currently owns 49 million square feet of real estate consisting primarily of interests in 45 regional town centers. Macerich specializes in successful retail properties in many of the country's most attractive, densely populated markets with significant presence on the West Coast and in Arizona, Chicago and the Metro New York to Washington, D.C. corridor. A recognized leader in sustainability, Macerich has achieved a #1 GRESB ranking for U.S. retail for seven straight years (2015 – 2021). Additional information about Macerich can be obtained from the Company's website at www.Macerich.com. 

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SOURCE Macerich Company

FAQ

When will the new Target store open at Kings Plaza, MAC?

The press release does not specify an exact opening date for the new Target store at Kings Plaza.

What size is the new Target store at Kings Plaza?

The new Target store will be 90,000 square feet.

What other anchor tenants are being added to MAC properties?

Other recent anchor tenants include Primark at Green Acres Mall and Scheel's All Sports at Chandler Fashion Center.

How does the new Target store impact Macerich's portfolio?

The addition of Target at Kings Plaza supports Macerich's strategy to enhance its properties with sought-after retail brands.

What market does Macerich primarily focus on?

Macerich focuses on acquiring and managing properties in densely populated markets across the U.S.