Four of the properties are in Ohio and the rest are in five other states. In all, the deal will add 9.7 million sf of retail space to Westfield's current $5.7 billion portfolio of retail properties in the US.

The largest of the properties involved in the sale is Southpark Center, a 1.35-million-sf mall in the Cleveland suburb of Strongsville. Jeff Linton, a Jacobs Group spokesman, tells GlobeSt.com. Other properties include the 1.3-million-sf Chesterfield Mall in Chesterfield, MO; the 1.27-million-sf Southcenter complex in Seattle; and the 1-million-sf Gateway in Lincoln, NE.

Westfield America Inc. is the US arm of Westfield, an Australian company that already owns all or part of 39 malls across North America. Terms of the agreement call for Westfield to pay Jacobs Group $40 million (US) in cash and $210 million in stock. Westfield also will assume $506 million in non-recourse debt.