Westfield America to Sell Cerritos Mall to Macerich

Westfield America Inc., the largest shopping mall owner in California, said Thursday that it agreed to sell its Westfield Shoppingtown Cerritos mall in Cerritos to Macerich Co. for $188 million in cash and assumed debt.

Separately, the Los Angeles-based real estate investment trust said it bought the 50% it didn’t already own of Westfield Shoppingtown Valley Fair mall in San Jose for $152 million in cash and assumed debt.

The Cerritos property was sold to Santa Monica-based Macerich. Westfield bought the Valley Fair stake from Bethesda, Md.-based Rouse Co. Both deals are expected to be completed by the end of the second quarter, Westfield said.

The property is undergoing a $150-million redevelopment, and Westfield said it plans to bring in a financing partner.

Westfield owns 37 properties, with 20 malls in California. Shares of Westfield America, which is controlled by Australia’s Westfield Holdings Ltd., closed unchanged at $15.94 on the New York Stock Exchange.