SANTA MONICA, CA—The Macerich Co. has boughtout its joint venture partner's 49% stake in five shopping centers,including four on the West Coast, for $1.89 billion including theassumption of $673 million in debt. The balance of the deal was theissuance of $1.22 billion in common stock to JV partnerCadillac Fairview Corp., a wholly owned subsidiaryof the Ontario Teachers' Pension Plan Board.

The sale gives Cadillac Fairview a 10.9% ownership stake inMacerich. John Sullivan, Cadillac Fairview's CEO,is joining the retail REIT's board of directors. The OTPPBsubsidiary and Macerich have had a JV relationship since 1999.

Totaling 6.7 million square feet, the properties includeLakewood Center in Lakewood, CA; Washington Square in Portland, OR;Los Cerritos Center in Cerritos, CA; Stonewood Center in Downey,CA; and Queens Center in New York City. The latter is thehighest-grossing of the properties at $1,089 per square foot across971,000 square feet; the largest of the five, the2.1-million-square-foot Lakewood Center, is also the lowestgrossing at $429 per square foot. The portfolio averages 97%occupancy.