NRDC, Apollo Get Lord & Taylor

(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.