Macerich Arm Buys Property

From the WSJ: Macerich Partnership LP, the operating arm of Macerich Co., and the Alaska Permanent Fund Corp. agreed to acquire a mixed-use development in Chicago from a partnership for $515 million. The purchase is the first foray into Chicago for Macerich, a Santa Monica, Calif., real-estate investment trust. The partnership consists of Chicago real-estate developer John Buck Co., Morgan Stanley real-estate funds and retail-property manager Westfield Group.