Mergers & Acquisitions

The Canadian retail landscape shifted again late Wednesday when Safeway announced the sale of its operations there to Sobeys Inc. for $5.8 billion.

The all cash deal will result in net proceeds to Safeway of about $2 billion which will be used to pay down debt. Sobey’s is a Canadian food retailer and a wholly owned subsidiary of Empire Company Limited. It is acquiring Safeway’s 223 store operation and 12 manufacturing facilities that last year generated sales of $6.7 billion in Canadian dollars and a $428 million operating profit.

Miami -- Marcus & Millichap Real Estate Investment Services has promoted Ronnie Issenberg to associate VP investments.

Director of the firm’s National Retail Group, Issenberg most recently held the title of senior associate.

Sycamore Partners has acquired mall- and Web-based specialty retailer Hot Topic and its Hot Topic, Torrid and Blackheart concepts for approximately $600 million.

"Hot Topic and Torrid are both leaders in their categories, and we are excited to have both brands as part of our portfolio," said Stefan Kaluzny, managing director of Sycamore Partners. "Sycamore Partners is very pleased to have the opportunity to partner with Lisa Harper and her team to invest in the continued development of both the Hot Topic and Torrid retail brands."

Tampa, Fla. -- RMC Property Group and The Ross Realty Group have merged. Effective June 3, Ross Realty’s investment sales and office leasing team has become RMC Ross Realty, and the Ross Realty property management team has become RMC Property Group.

The merged company oversees the management, leasing and sales of more than 8.4 million sq. ft. of commercial property and more than 900 tenants.

PHOENIX -- PetSmart's board of directors has named Gregory P. Josefowicz its non-executive chairman. Josefowicz has served as a director since 2004 and as lead director since 2006.  

Chairman and CEO Bob Moran will not stand for election as a director at the company’s 2013 annual stockholder meeting. As previously announced, David Lenhardt, current president and COO, will become the CEO of PetSmart at that time.

WESTLAKE VILLAGE, Calif. — Dole Food Company's board of directors has received an unsolicited proposal from David H. Murdock, the company's chairman of the board and CEO, to acquire all the outstanding shares of common stock of Dole not already owned by Murdock or his family for $12 per share in cash.

Naperville, Ill. – OfficeMax Incorporated and Office Depot Inc. have hired global talent management consulting firm Korn/Ferry International to assist the search for a new CEO for the combined company that will result from the proposed OfficeMax-Office Depot merger.

The search will include both incumbent CEOs Neil Austrian of Office Depot and Ravi Saligram of OfficeMax, as well as external candidates.

Columbus, Ohio -- Glimcher Realty Trust has announced plains to purchase its remaining interest in WestShore Plaza in Tampa, Fla. and to sell its interest in Lloyd Center in Portland, Ore. Glimcher holds a 40% interest in a joint venture with Blackstone Real Estate Partners VI that owns both properties.