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October 7th, 2009Macerich sells stake in Chandler mall

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by Jan Buchholz

Macerich, the holding company for numerous Arizona shopping centers, sold a 49.9 percent stake in one of its local regional malls, Chandler Fashion Center, in a deal announced Thursday.

The 1.3 million-square-foot indoor mall at Loop 101 and Chandler Boulevard was part of a two-property transaction designed to raise cash for Macerich (NYSE:MAC), a California-based real estate investment trust. The other property involved was Freehold Raceway Mall in Freehold, N.J.

Heitman LLC of Chicago paid Macerich $168 million in cash for its joint venture interest, which assumes a pro rata share of the debt on both properties. Macerich, through its locally based Westcor subsidiary, will continue to manage Chandler Fashion Square.

In September, Macerich announced it had completed a similar joint venture involving Flatiron Crossing, a large regional mall located between Denver and Boulder. In that instance, GI Partners a U.S.-European investment company with offices in Menlo Park, Calif., and London, paid Macerich $116 million for a 75 percent interest.

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