Deals

New York -- Storefront, the online marketplace that connects artists, designers, and brands with retail space, has partnered with the New York Metropolitan Transportation Authority to offer unique retail space for rent in the New York City Subway.  

The Westfield Group has agreed to purchase the Port Authority of New York and New Jersey’s remaining 50% interest in the World Trade Center’s retail square footage. The purchase price is US$800 million. Following the transaction, expected to close early next year, Westfield will own 100% of the retail space, which totals 365,000 sq. ft.

Fort Worth, Texas — Trademark Property Co. and Zapolski Real Estate LLC have announced a joint venture to lead the $25 million redevelopment, now underway, of Napa Center, a 153,000-sq.-ft. retail and hospitality district in the heart of downtown Napa, Calif.

Hoffman Estates, Ill. — In a not-so-unexpected move, Sears Holdings Corp. on Friday said it had filed to spin off its Lands' End unit.

Sears has been selling or spinning off assets during the past few years as it struggles to turn around its business. The company sold its Orchard Supply Hardware Stores and its Sears Hometown and Outlet Stores businesses last year. In October, Sears said it would consider strategic alternatives for its line of auto centers. Sears also is selling some store leases in Canada.

Whitehouse, Ohio — Devonshire REIT has announced the closing of its acquisition of the Great Lakes Plaza shopping center in Mentor, Ohio, a suburb of Cleveland. Michaels and hhgregg co-anchor the center, which is 100% leased.

Devonshire bought the 81,349-sq.-ft. center from Simon Property Group for $8 million. Goldman Sachs Mortgage Company provided financing.

Wilmington, N.C. — Dick’s Sporting Goods and Marshalls will anchor Phase II of the 203,000-sq.-ft. Mayfaire Community Center in the master-planned 400-acre mixed-use community of Mayfaire in Wilmington, N.C. Harris Teeter anchors Phase I of the center.

Beachwood, Ohio — DDR Corp. has announced the completion of a $12 million redevelopment project at Sandy Plains Village, a power center located in the Atlanta suburb of Roswell.

The redevelopment installed a 60,000-sq.-ft. Wal-Mart Neighborhood Market in a space formerly occupied by a traditional grocer. The new location is DDR’s 79th Wal-Mart store and the company’s eighth in the Atlanta market.

New York — RKF has opened an office in Toronto and named Steven Alikakos president, Canada. RKF’s Canadian expansion comes just weeks after the firm formalized an affiliation with the U.K.-based retail consulting firm CWM Retail Property Advisors.

A growing number of American retailers have launched stores north of the border in recent years, a trend expected to continue. Likewise, the U.S. has seen a wave of expansions from Canadian retailers. RKF hopes to play a role in sustaining and accelerating cross-border retail migration.