The Macerich Partnership, L.P., the operating partnership of Macerich (NYSE: MAC) and GI Partners formed a joint venture for Macerich's 1.4-million-square-foot FlatIron Crossing Mall in Broomfield, Colo. Under the terms of the deal, Macerich receives approximately $116 million in net cash and GI Partners acquires a 75 percent interest in the asset.

"We are pleased to embark on this joint venture with GI Partners and solidify one more long-term partnership that we believe will yield positive results and new business opportunities for both GI and Macerich," Macerich President Edward C. Coppola said in a statement. "This transaction is another example of Macerich executing on its deleveraging strategy by tapping into the capital embedded in a high-performing retail property."

Like most of its joint ventures, Macerich will continue to manage the property, with the added value of GI Partners' expertise as a diversified investor and partner.

FlatIron Crossing is a 1.4 million-square-foot super regional mall anchored by Nordstrom, Macy's, Dick's Sporting Goods and Dillard's. The 2008 annual tenant sales per square foot were $443 and the mall currently has a 97 percent occupancy rate. The mall was built in 2000 and acquired by Macerich in 2002.

In a separate transaction, Faris Lee Investments completed the sale of five single tenant properties occupied by Kohl’s Department Stores on behalf of Macerich. The five transactions encompass five properties located in Redondo Beach, Monrovia, Rancho Cordova and Eureka, Calif. and Henderson, Nev. All properties feature new long-term NNN leases that expire in 2028. The total value of the sales is undisclosed. Buyers included ING Clarion, Cole Real Estate Investments, Stearns Trust and Williamson Trust

Other Notable Deals

Ramco-Gershenson Properties Trust ( NYSE: RPT) completed the sale of three net leased assets, including two Wal-Mart stores and a standalone Home Depot in Taylor, Mich. The two Wal-Mart stores anchor the company’s Northwest Crossing shopping center in Knoxville, Tenn. and the Taylors Square shopping center in Taylors, S.C. The aggregate net proceeds from the sales totaled $27.4 million…. Stonemason Partners, L.P., a full-service commercial real estate company based in Miami specializing in acquisitions, ownership, leasing and management, announces the completion of its initial round of fundraising for Fund I. The company has an aggressive plan to acquire more than $100 million worth of multi-tenant retail assets and distressed commercial property throughout the Southeastern and along the Eastern seaboard in the next four years…. Centro Properties Group sold the 95,320-square-foot Plaza 66 shopping center to Plaza 66 LLC for an undisclosed price. Plaza Advisors represented Centro…. Tribeca Cos. , a San Francisco-based private equity real estate investment firm, announced today the sale of the 22,000-square-foot Town Fair Shopping Center in Fremont, Calif., to the City of Fremont for an undisclosed price.… CBL & Associates Properties ( NYSE: CBL) was awarded the management contract for the 471,000-square-foot Midway Mall in Sherman, Texas. CBL has assumed management, leasing and marketing for the mall…. Stan Johnson Co. completed the sale of a 46,998 square foot free-standing Havertys Furniture to an individual investor for $3 million. Marcus & Millichap represented the buyer. Stan Johnson Co. also completed the sale of a 14,820-square-foot free-standing retail store occupied by Walgreens to A M Billings LLC for $6.5 million. GVA Kidder Mathews represented the seller, a preferred Walgreens developer.

(To have your deals included in our weekly roundup, please email releases to David Bodamer or Elaine Misonzhnik.)