SEATTLE-Escrow Partners was formed in 1996 by Mike Stevens and Debbie Stevens, both of whom have accepted employment with The First American's Talon Group and will continue to oversee day-to-day operations.

SANTA CLARA, CA-In order to get out from under a $215-million lease obligation related to the Mission Towers Two building located at Freedom Circle in Santa Clara, PMC-Sierra purchases the facility from its owner and resells it to a third party. The transaction cost the struggling company $102 million.

PORTLAND-The estimated $15-million transaction for the landmark hotel and connected office building is in escrow and expected to close this fall. The buyer, Marty Kehoe of Kehoe Development, tells GlobeSt.com he may or may not take on investment partners and may or may not break up the two properties and re-trade one of them.

CLEVELAND, OH-The first property acquisition by the joint venture is Ward Parkway, a 750,000-sf shopping center located in suburban Kansas City, Mo. The acquisition price was $48.5 million.

SPOKANE-Six weeks after increasing its interest in Shurgard Europe from 43% to 61%, Shurgard Storage Centers agrees to hand over $102.6 million in common stock to increase its ownership to 80.6%.

PORTLAND-Class A vacancy falls from 18.4% at the end of the first quarter to 17.5% at the end of the second quarter while overall vacancy rises 20 basis points to 17%, according to the latest report from Grubb & Ellis.

MILPITAS, CA-The anchor tenant in the fully leased building is Kaiser Foundation Health Plan, which occupies 41,190 sf and is negotiating a lease extension with the new owner, an affiliate of Los Angeles-based Barker Pacific Group.

ALAMEDA, CA-The office, R&D and light industrial complex sits on 25 acres of waterfront land at Harbor Bay Business Park. A related entity controls another 75 acres adjacent the development.