Oct. 5--The owner of Chandler Fashion Center has sold a nearly 50 percent share of the property to a Chicago-based real estate investment management firm.

Macerich, Westcor's parent company, announced a joint venture with Heitman involving the Chandler mall and another mall in New Jersey. Macerich receives $167.5 million in net cash proceeds in exchange for a joint venture share of 49.9 percent of the mall and assumes a pro rata share of the property level debt.

Chandler Fashion Center was developed in 2001 and was acquired by Macerich in 2002. The 1.32 million square foot shopping center is anchored by Nordstrom, Dillard's, Sears and Macy's, and had an occupancy rate of 96 percent at the end of last year.

Heitman manages about $20 billion in assets invested directly and indirectly in North America, Europe and Asia.

"Like Macerich, Heitman is focused on high-quality real estate and we are very pleased to be entering into a partnership with a well-positioned institution that we have known for many years," Art Coppola, Macerich chairman and CEO, said in a statement.

Macerich will continue to manage the properties with the "added value of Heitman's expertise as an investor and partner in quality commercial real estate assets," according to Macerich.

"We have done business with Macerich and its principals for almost 20 years," Maury Tognarelli, Heitman's CEO, said in a statement. "We view this as an attractive opportunity to expand the relationship by partnering with one of the industry's premier regional mall operators in two established and irreplaceable fortress malls situated in affluent markets."

In the East Valley, Macerich also owns Fiesta Mall and Superstition Springs Center in Mesa, and San Tan Village in Gilbert.

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