Santa Fe Southern Pacific Corp., Chicago, has...

Santa Fe Southern Pacific Corp., Chicago, has completed the sale of its subsidiary, Santa Fe Pacific Timber Co., to Sierra Pacific Industries in Redding, Calif., for $460 million . . . J. C. Penney Co., which is vacating its mid-Manhattan office tower and moving its headquarters operations to Dallas, said it is putting the 45-story building up for sale. No asking price was named for the building, located at 6th Avenue and 53rd Street near Rockefeller Center.