Macerich (NYSE:MAC) and Chicago-based Heitman have entered into a joint venture on two of Macerich's malls -- Freehold Raceway Mall and Chandler Fashion Center. Under the terms of the deal, Macerich receives $167.5 million in net cash proceeds and Heitman acquires a joint venture interest of 49.9% and assumes a pro rata share of the property level debt. Macerich will continue to manage the properties.
The malls are in MSDWC 2001-FRMA, COMM 2003-LB1A, and GMACC 2003-C1
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