Westfield is selling the 1.3-million-sf Chesterfield (MO) Mall to CBL outright. That center, which underwent a $61-million renovation last year, is anchored by Dillards, Macy's and Sears.

Three other Missouri malls, the one-million-sf Mid Rivers Mall, in St. Peters; the one-million-sf South County Center, in Mehlville; and the 1.3-million-sf West County Center, in Des Peres; will be contributed into the joint venture. All four assets have average sales per-sf of $376 and are 86% leased.

Sydney, Australia-based Westfield, which has its US headquarters here, will have a minority share in the joint venture, called CV Joint Venture. As part of the agreement, Westfield is receiving $420 million and a 5% return annually on that figure for at least five years. Chattanooga, TN-based CBL is assuming $320 million in debt and will manage and lease the three malls in the JV, which the parties expect to close in 90 days. CBL, the owner of 80 malls across the country, is also contributing six malls and three other centers to the joint venture.