(Ian Ritter is national online editor for GlobeSt.com/RETAIL.)

CINCINNATI-A joint venture between the principals of National Realty & Development Corp. (NRDC) and Apollo Real Estate Advisors has acquired the 48-unit Lord & Taylor portfolio from Federated Department Stores for $1.2 billion. Federated acquired the upscale department-store chain last year as part of its acquisition of May Department Stores and had been shopping Lord & Taylor over the past few months.

This is the second major retail deal of the year on which NRDC and Apollo have partnered. NRDC and private-equity firm and Apollo affiliate Apollo Management in February bought Linens 'n Things for about $1.3 billion.

The Lord & Taylor venture, called NRDC Equity Partners, is being led by NRDC principals Richard and Robert Baker and William Mack and Lee Neibart, principals of Apollo Real Estate. The parties expect to close the deal in this year's third quarter.