Cadillac-Fairview will sell its U.S. properties.

The Canadian firm has signed a letter of intent to sell most of the U.S. holdings to a group including Michael Prentiss, a senior company official, for about $450 million. JMB Realty Corp. of Chicago, which earlier this month agreed to buy all of Cadillac, agreed to the transaction, and now will buy what remains of Cadillac after the Prentiss sale, the Wall Street Journal reported. The Prentiss group will get land and 17 million square feet of offices and industrial properties in California, Atlanta, Chicago, Dallas, Houston and Washington.