Santa Monica mall operator Macerich Co. will redevelop nine Sears stores in its malls under the terms of a $150 million deal the two companies announced today.

As part of the deal, Macerich and Illinois-based Sears Holdings Corp. will form a joint venture, with Macerich paying Sears $150 million for a 50 percent stake in the properties.

Macerich expects a 6 percent return on its investment, Macerich’s Chief Executive Arthur Coppola said during a company conference call on Thursday.

“This new joint venture with Sears Holdings is in line with our overall strategy of reinvesting capital into our portfolio of proven, highly profitable locations,” he said in a statement. “The nine properties being contributed to the joint venture are located at centers with average in-line sales of $680 per square foot and include some of our top centers.”

Local properties include the Sears at the Los Cerritos Center in Cerritos and Modesto’s Vintage Faire Mall. Stores in Arizona, Texas and New Jersey fill out the portfolio.

In addition to the financial benefit for Sears, the deal will also allow the company to generate value from its real estate holdings.

The deal is third this month for Sears, which previously announced similar partnerships with Indianapolis-based Simon Property Group and Chicago’s General Growth Properties Inc.

Shares of Macerich were flat on Thursday, closing at $81.76 while Sears’ shares were up 2 percent to $39.94.