In a complicated property swap and cash deal, The Macerich Co. has gained control of two regional malls located in the Phoenix metro area, GlobeSt.com reported.

Santa Monica, Calif.-based Macerich bought out Chicago-based General Growth Properties Inc.’s one-third ownership interest in both properties for $75 million in cash plus six big-box anchor locations in Arizona, California, Illinois and Utah.

Macerich Co. owns Southridge Mall in Des Moines, and General Growth owns Jordan Creek Town Center in West Des Moines. Both companies were founded in Iowa.