PHOENIX-Ocean Park Hotels, a new hotelier from Los Angeles, marks its first acquisition with the Hampton Inn-Phoenix Airport/Tempe, getting the deed for $1 million less than the ask when due diligence shows the flag must be lowered in 2007.

PHOENIX-The bank pays $15.8 million to KDC and Invesco for twin office buildings totaling 190,000 sf. The first leg of the plan starts with the relocation of 500 back-office employees from a leased site in Phoenix to a campus with the capacity to hold 1,300.

PHOENIX-The metro market's vacancy drops from 9.9% to 9.1% in a 234.3-million-sf inventory as deals close for all product type in a geographical distribution driving positive absorption for 12 of 16 submarkets, according to C&W.

CARROLLTON, TX-The REIT pushes its offer $800,000 to reach the $12.4-million full ask and best three others vying for the 59,429-sf Hebron Heights, a property that the buyer had under contract two years ago and lost when the seller backed out.

PRESCOTT, AZ-Two California couples, both with 1031 Exchange capital, push the price $50,000 above the ask to get Cortez Circle, sitting on a hill overlooking a historic town square. The potential and 2.7 extra acres make the deal not the current NOI.

NORTHLAKE, TX-Panattoni Development gets its hands on land neighboring Texas Motor Speedway for a mixed-use development. NorthPort breaks ground with a 360,000-sf build-to-suit for Clorox, a guaranteed 10-year tenant for the 22-acre project.

GARLAND, TX-Shippers Warehouse takes the next step in a merger plan by selling three buildings, inherited in a local competitors' takeover. Under the deal, the seller leases a pair in Garland for the long term and releases the third to a lease-up plan.

FORT WORTH-Countrywide Home Loans takes the deed for a 387,628-sf, class A R&D building that it started to occupy two months ago. In a year's time, Berkeley Investments has sold all three pieces to Motorola's Fossil Creek campus.