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Macerich Teams With Heitman on Two Assets

CHANDLER, AZ-Heitman pays $167 million for a stake in the 1.3-million-square-foot Chandler Fashion Center and the 1.6-million-square-foot Freehold Raceway Mall in New Jersey.

By Amy Wolff Sorter | Updated on October 01, 2009

CHANDLER, AZ-In continuing attempts to shore up its balance sheet and cash flow, Macerich has partnered with Heitman for joint ownership of two trophy shopping centers. The Chicago-based Heitman paid $167.5 million for a 49.9% interest in the 1.3-million-square-foot Chandler Fashion Center and the 1.6-million-square-foot Freehold Raceway Mall in Freehold, NJ.

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.

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