Representatives from the Santa Monica, CA-based Macerich were unavailable for comment, but during a recent earnings conference call, the company's chairman and CEO Art Coppola pointed out that Macerich is dedicated to boosting liquidity on its balance sheet. One way in which this would take place, he explained, was through joint ventures. Under the terms of this particular deal, Macerich will continue managing the properties. Meanwhile, Heitman will assume a pro-rata share of the property level debt. Representatives from Heitman did not return calls seeking comment by deadline.

Dave Cheatham, president and managing principal with Velocity Development Services in Phoenix tells GlobeSt.com he isn't surprised Macerich is trying to better its cash position through such a joint venture. Cheatham, who is not connected in any way with the partnership or either mall, says a lot of companies are getting creative about shifting their positions when it comes to trying to respond to the difficult marketplace.

Though Cheatham acknowledges he isn't familiar with Freehold Raceway Mall on 3710 Rte. 9, the 1.3-million-square-foot Chandler Fashion Center "is a trophy property that is one of the most successful malls in Arizona. It's in a wonderful trade area."