SAN LEANDRO, CA-The ailing enclosed mall, anchored by Macy's and Target, is a value-add play for Washington, DC-based Madison Marquette, which plans to spend another $30 million to attract new tenants and, ultimately, an institutional buyer.

KIHEI, HI-San Francisco-based Krausz Cos. acquires the 97%-occupied Piilani Village Shopping Center and the 15 acres it sits on in the city from Safeway Partnership.

BOW, NH-The Fairfield, NJ-based hotel owner and manager pays $8.3 million for the property in its inaugural joint venture with an affiliate of Alex Brown Realty Inc. The new duo is planning an overhaul the property.

PORTLAND- A group of public and private sector economic development entities are coming together in a new nonprofit. The Portland Development Commission, the city's urban renewal agency, will serve as administrative agent for the organization.

KENT, WA-Weidner Investments pays Phoenix Life Insurance Company $90,600 per unit for Island Park Apartments, a 15-year-old multifamily community oriented around a lake.

MEMPHIS, TN-CLK Management of New York acquires two apartment communities in the Cordova/Germantown submarket of Memphis from Equity Residential Properties Trust for $40,185 per unit.

KENT, WA-Weidner Investments pays Phoenix Life Insurance Company $90,600 per unit for Island Park Apartments, a 15-year-old multifamily community oriented around a lake.

SAN RAFAEL, CA-Buchanan Street Partners and Seagate Properties acquire the San Rafael Business Center, a five-building complex that is fully leased to a Lucasfilm subsidiary through 2004.