Green Acres mall sold for $500 million

A California company has agreed to buy the Green Acres mall in Valley Stream for $500 million, owner Vornado Realty Trust announced Monday. Santa Monica-based Macerich Co., a real estate investment trust, plans to complete the sale in the first quarter of next year.

Macerich, which reported assets of $7.94 billion in 2011, also plans to buy the Kings Plaza Mall in Brooklyn from a Vornado subsidiary for $751 million. Vornado announced the deals on its website. Macerich did not immediately respond to a call for comment.