Deals

New York City -- Real estate firm The Feil Organization announced Friday that Tommy Bahama has signed a groundbreaking lease for the opening of its first Manhattan store at 551 First Avenue at 45th Street.

The Seattle-based chain signed a 12-year lease agreement and will occupy 8,500 sq. ft. on the ground, mezzanine and basement levels of the renowned art deco Fred F. French building that is owned and managed by The Feil Organization.

Dublin, Ohio -- Wendy's/Arby's Group said Thursday it plans to sell off its struggling Arby's quick-serve chain to focus on the Wendy's hamburger business.

The two fast-food chains were combined when Triarc Cos., Arby's parent, bought Wendy's for $2.2 billion in 2008 to create the third-largest publicly held fast-food chain.

Arby's generated about 30% of the company's sales in its third quarter.

At least one analyst feels the sale could bring in $400 million to $600 million.

Lexington, N.C. -- Grocery retailer Save-A-Lot announced Thursday it will break ground on a new 325,000-sq.-ft. food distribution center in Lexington, N.C.

The center is expected to open by December 2011. It is the result of collaboration with the state of North Carolina and its One North Carolina Fund, the North Carolina Department of Commerce, Davidson County and the City of Lexington.

Oak Brook, Ill. -- Inland Real Estate Acquisitions said Thursday it has purchased nine Dollar General stores in Alabama and Georgia for $8.5 million.

According to a report by the Atlanta Business Chronicle, the stores were built in 2010 and all leased to Dollar General Corp. through 2025 with multiple renewal options.

The stores range in size from approximately 9,000 sq. ft. to 10,600 sq. ft.

Chicago -- Oakbrook Terrace, Ill.-based Mid-America Real Estate Group said Thursday that TJX's HomeGoods has signed a lease for 25,503 sq. ft. of space at 600 N. Michigan Avenue.

The site is the largest single-footprint space available in the district.

Little Rock, Ark. -- In a regulatory filing on Wednesday Dillard's said it plans to form a real estate investment trust, with the objective of improving liquidity.

According to the department store retailer, various company entities will transfer interests in properties to the REIT, which will then lease the properties back to them.

"Dillard's believes the formation of a REIT may enhance its ability to access debt or preferred stock and thereby enhance its liquidity," the filing said.

Minneapolis -- Target Corp. said that it has promoted Tony Fisher to president of Target Canada as the retailer prepares to open its first stores in the country. He will be responsible for building the team, establishing the headquarters and leading the day-to-day operations of the corporation's recently announced expansion into Canada.

The chain tapped an 11-year employee to lead its Canadian business. Last week, Target announced it bought 220 Zeller's leaseholds and it plans to open between 100 and 150 Target stores in Canada beginning in 2013.

An announcement last week that Target plans to open 21 stores in the coming fiscal year was interesting on a number of levels.

For starters, the disclosure was rather uncharacteristic for a company that in years past would publicly release its stores openings a week or two in advance of the actual openings. In this case, the company shared its full list of openings for the entire year two weeks before its new fiscal year even begins.

Conventional wisdom seems to be that Target will be as successful in Canada as it has been in the United States, following last week’s bombshell announcement that the company would enter the market via an acquisition. Target said it would acquire leasehold interests in 220 Zellers stores from the Hudson’s Bay Company, and during 2013 and 2014 it would open between 100 and 150 of the locations as Target stores.

Port Washington, N.Y. -- Cedar Shopping Centers said Tuesday it has closed on the acquisition of Colonial Commons in Lower Paxton Township, Pa. The property was purchased for approximately $49.1 million from affiliates of Centro Properties Group.

The 487,000-sq.-ft. shopping center covers approximately 37 acres, is 93% leased and is anchored by Giant Food Stores. Other tenants include Dick's Sporting Goods, L.A. Fitness, Ross Dress For Less, Marshalls, JoAnn Fabrics and David's Furniture.