The operating partnership of Macerich Co. on Thursday announced a joint venture that involves a private equity firm taking over majority ownership of one of the Santa Monica real estate investment trust’s Colorado shopping centers.

Under terms of the deal, Macerich Partnership LP will receive about $116 million in cash for FlatIron Crossing, a 1.4 million-square-foot regional mall in the Denver suburb of Broomfield. In return, GI Partners, which is based in Menlo Park and London, acquires a 75 percent interest in the shopping center.

FlatIron Crossing, which was built in 2000, has a 97 percent occupancy rate and was acquired by Macerich in 2002. Macerich, which has interests in 72 regional malls around the country, will continue to manage the property under the joint venture.

“This transaction is another example of Macerich executing on its deleveraging strategy by tapping into the capital embedded in a high-performing retail property,” said Macerich President Edward Coppola in a statement.

Prior to the announcement, Macerich shares closed up 72 cents, or 3 percent, to $26.15 on the New York Stock Exchange.