ROSSLYN, VA—A proposal by development firm Penzance Cos. to build a major mixed-use development on Wilson Boulevard here has been given the thumbs up by Arlington County staff.

NEW YORK CITY—The nontraded REIT will pursue an acquisition strategy similar to its predecessor, with a portfolio ranging from branded hotels to mixed-use projects with non-lodging components.

HOFFMAN ESTATES, IL—The beleaguered retailer expects proceeds of more than $2 billion from the sale of some of its Sears and Kmart stores to the standalone REIT.

WILMINGTON, DE—Separately from offering to buy 1,700 or more stores, Standard General is also bidding on rights to the RadioShack brand name.