NEW YORK CITY-Macerich Cos., a Santa Monica, CA-based retail REIT with 62 regional shopping centers in its US portfolio, has snatched up two of the largest malls in the New York metropolitan area. According to a statement released Monday morning, the company has acquired the Kings Plaza Mall in Brooklyn and the Green Acres Mall in Valley Stream, NY, for approximately $1.25 billion.

Macerich acquired Kings Plaza from a subsidiary of Alexander’s Inc., a publicly-traded REIT that is one-third owned by Vornado, for a purchase price of $751 million. The mall – anchored by Macy’s, Sears, Best Buy and Lowe’s Home Improvement – is 95% occupied by tenants such as Aeropostale, American Eagle, Armani Exchange, Forever 21, H&M, Swarovski and Victoria’s Secret. The company expects to place secured debt on the property at the closing of the transaction, which is planned to wrap up in late 2012.

In Nassau County, Macerich acquired the Green Acres Mall from a subsidiary of Vornado Realty Trust, for $500 million. The mall – located on the border of New York City – expanded in 2007, and has approximately 408,000 square feet of in-line mall tenant space that includes Modell’s Sporting Goods, H&M and Forever 21. It is 94% occupied, with annual sales per foot of $520 and anchors like Macy’s, Kohl’s, JCPenney, Sears and Old Navy. The deal is expected to close in the first quarter of 2013.