Simon Property Group and Institutional Mall Investors, a venture of California Public Employees' Retirement System and Miller Capital Advisory Inc., have exchanged stakes in two retail properties that they had each previously fully owned.

Simon, an Indianapolis REIT, gave IMI a 49 percent stake in one of the properties, the Shops at Mission Viejo in Mission Viejo, Calif., in exchange for a 50 percent interest in the inline space of Woodfield Mall in Schaumburg, Ill.

The REIT has become a 51 percent stakeholder in the Mission Viejo property, whose 1.2 million square feet is anchored by Nordstrom and Macy's, and is IMI's equal partner in the inline space of the 2.2 million-sf Schaumburg Mall. The mall's anchor spots are owned by their...