WATERFORD, MI-A development company in Indiana acquires 4.8 acres for $1.98 million to develop 70,000 sf for a self-storage property, with an 11,000 sf retail component attached.

TUCSON, AZ-An 8-acre mobile home park, after being on the market for about 45 days, lands in the hands of a California investor for nearly $3.5 million, less than the asking price of $3.7 million.

HOUSTON-Wells Real Estate Investment Trust II, Inc. moves activity into Downtown with its purchase of the 580,000-sf, 95% leased 5 Houston Center. Wells acquires the property from Crescent Real Estate Equities Co. of Fort Worth. The REIT plans the investment as a long-term hold.

TROY, MI-A Chicago-based steakhouse chain is returning to Michigan, with the opening of a 7,400-sf, $1.6-million restaurant Downtown.

TROY, MI-A Chicago-based steakhouse chain is returning to Michigan, with the opening of a 7,400-sf, $1.6-million restaurant Downtown.

PHOENIX-Orion Residential, LLC has made its second investment in the market, throwing down $23.5 million on the 336-unit, class B Posada Vallarta, which it plans to upgrade.

HOUSTON-When Hurricane Katrina hit New Orleans, many predicted that it would make a huge dent in the area's multifamily inventory. According to a recent report on the aftermath of Hurricane Katrina issued by O'Connor & Associates, demand and absorption both were on the rise in September, but has dwindled since that time.

DETROIT-In keeping with its criteria for investment of under-utilized properties in major markets, a California-based investment company has acquired Gateway Industrial for $13 million. Plans call for repositioning and stabilization.