Deals

Toronto -- Slate Retail REIT announced that it has entered into a binding agreement to purchase Stonefield Square, a 90,991-sq.-ft. grocery-anchored shopping center located in Louisville, Kentucky, for $12.6 million ($138 per square foot). The property is anchored by The Fresh Market.

The acquisition is expected to be completed in fourth quarter 2014 and remains subject to customary closing conditions.

As part of its agenda to boost liquidity ahead of the highly contested holiday shopping season, Sears Holdings plans to sell most of its 51% stake in its struggling Sears Canada division to shareholders — a move that stands to raise as much as $380 million by November.

Boston – Online home furnishings retailer Wayfair Inc. launches its initial public offering (IPO) today. The online home furnishings retailer is offering 11 million shares of common stock at $29 per share, which is above Wall Street projections.

The share offering includes 10.5 million shares of Wayfair stock and 500,000 shares from selling stockholders. Wayfair will not receive any proceeds from the selling stockholder shares, meaning the company should raise about $304.5 million in the IPO.

Maplewood, Minn. -- Mid-America Real Estate Corporation’s investment sales team recently brokered the sale of Birch Run Station in Maplewood, Minnesota. The 278,347-sq.-ft. center was purchased by Greenwood Village, Colorado-based GDA Real Estate for $27.35 million.

Birch Run Station is located at the northwest quadrant of Beam Avenue and Southlawn Drive adjacent to the Maplewood Mall. The center is anchored by Marshalls, Jo-Ann Stores, Burlington Coat Factory, Herberger’s, and Dollar Tree.

Conshohocken, Pa. -- Ikea has begun significant demolition of a 30,145-sq.-ft. building adjacent to its Detroit-area store in Canton, Michigan. Razing of the vacant retail building will make room for the Swedish retailer’s planned expansion of its Canton location. The 311,000-sq.-ft. store, which opened June 2006, will grow nearly 44,000 sq. ft., with the project’s completion by summer 2015.

Washington, D.C. -- Madison Marquette Retail Services (MMRS), a national real estate development, leasing and management firm specializing in infill, mixed-use, community and specialty retail properties, has named Lori Coleman VP, management services, California. In her new role, Coleman will oversee the company’s entire California portfolio, which includes 4.8 million sq. ft. across 18 properties.

Houston - Mattress Firm Holding Corp. has completed its acquisition of the mattress specialty retail assets and operations of Back to Bed Inc., M World Mattress LLC, MCStores LLC and TBE Orlando LLC, which collectively operate Back to Bed and Bedding Experts retail stores in Illinois, Indiana and Wisconsin and Bedding Experts and Mattress Barn retail stores in Florida.

Dublin, Calif. -- Ross Dress for Less will open a new store in Colorado on Oct. 11. The store is located in Prairie Center in the community of Brighton, eight miles northwest of Denver.

This new opening is part of the retailer’s 2014 expansion program, totaling approximately 75 new locations during the year.