Deals

Toronto -- Sears Canada Inc. said Tuesday it has agreed sell its Cantrex Group operations to Nationwide Marketing Group.

Sears Canada will maintain ownership of appliance brand Corbeil Electrique.

Cantrex was purchased by Sears Canada in 2005 in order to further develop its merchandising, buying, and logistics services in the furniture and appliance sectors. Corbeil became part of the Sears portfolio through this purchase and recently Sears has announced its plans to expand Corbeil's operations to the Greater Toronto Area this year.

LONGUEUIL, Quebec — The Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million, $1.51-per-share sale, which amounts to a nearly 24% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

New York -- Canada’s Jean Coutu Group has sold 56 million of its approximately 234.4 million shares in Rite Aid, the company said Friday.

The Canadian retailing group said the $83.6 million sale, which amounts to a 23.9%% reduction in the number of Rite Aid shares the company owns, would reduce its stake in Camp Hill, Pa.-based Rite Aid to 19.85%. The Jean Coutu group still owns about 178.4 million shares in the 4,667-store chain.

Toronto -- Sears Canada, Inc., an arm of Sears Holdings Corp., said Friday it has completed the transaction with landlord The Cadillac Fairview Corp. to return three stores for $170 million.

The stores – located in Vancouver, Calgary and Ottawa – are slated to be exited by Sears as of Oct 31, 2012. The agreement between Sears and the landlord was first announced in March.
 

Tampa, Fla. -- The Container Store said it will be the anchor tenant of The Corner, a new 35,000-sq.-ft. retail center to be built on the corner of Westshore Boulevard and Spruce Street opposite International Plaza, in Tampa.

The Corner is a joint venture development of Saber Corner, an affiliate of Saber Real Estate Advisors, and ARC Property Trust, a Real Estate Investment Trust sponsored by ARC Properties Inc.

New York City -- Charter Realty & Development announced it has leased 15,000 sq. ft. for a five-screen Alamo Drafthouse Cinema in Manhattan.

The location, 2626 Broadway, is in the upper west side and is owned by Bialek and Associates of Manhattan. Alamo will be occupying the former Metro Theater and intends on renovating it back to its former glory. The deal represents Alamo Drafthouse Cinema’s first entry into New York City and the company is looking for further growth opportunities in the market.

Phoenix -- Cole Real Estate Investments and RED Development have announced the acquisition of Macerich’s interests in two retail power centers located in Chandler, Ariz.

In a related transaction, Cole acquired 100% ownership of a third power center located in Gilbert, Ariz. The transaction value for all three properties is $100.55 million.

Virginia Beach, Va. -- Divaris Real Estate Inc. announced the following lease transactions were completed for several retail tenants:

A lease extension was signed with Tidewater Finance Co. for 25,516 sq. ft. of retail space in the DRE-leased and –managed Tidewater Plaza in Virginia Beach.