NJ Has 1 Of The US's Most Valuable Malls; Here's Where It is

PARAMUS, NJ — One New Jersey mall is raking in the big bucks during a time when malls are suffering from one of the darkest times for the retail sector.

The Westfield Garden State Plaza was ranked the ninth highest revenue-generating malls in the United States in a recent study by the research firm Boenning & Scattergood. CNBC published the results.

Garden State Plaza, New Jersey's largest mall, has a total asset value of more than $2.7 billion and generates $950 in sales per square foot, according to the study.

"The highest-quality malls are still attracting shoppers in droves, raking in more than $1,000 per square foot, well above the industry's average," according to the results of the study.

Paris-based Unibail-Rodamco SE recently purchased the Westfield Corp., Garden State Plaza's owner, for $15.7 billion

Unibail-Rodamco SE will acquire Westfield Corporation to create "the world's premier developer and operator of flagship shopping destinations."

The Ala Moana Center in Hawaii is the most lucrative mall in the United States, according to the study.

The Roosevelt Field Mall and the Woodbury Common Premium Outlets in New York and the King of Prussia Mall in Pennsylvania also made the list.

Related: European Company To Purchase Garden State Plaza

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Photo: Holiday shoppers at the Garden State Plaza./By Julio Cortez, Associated Press