SAN DIEGO, CA-The San Diego-based REIT acquires an open-air retail center in Sterling, VA and sells off two self-storage facilities, which fetch $46 million in proceeds for the company. The recent transactions reflect the REIT's continuing strategy to focus on retail product, while shedding non-core assets.

SAN DIEGO, CA-The office and industrial transactions involve a 37-month agreement for drop ceiling production area and office space at 7340 Trade St., a 36-month lease for office and warehouse space at 9682 Via Excelencia and a 35-month deal for general office space at 16644 W. Bernardo Drive.

RANCHO MIRAGE, CA-The Thunderbird Country Club, which dates back more than 50 years, is currently undergoing a massive renovation. The original structure has been demolished and a new 49,520-sf clubhouse and 6,900-sf fitness center are being built in its place.

LAS VEGAS, CA-The toney Las Vegas resort announces plans to build a 935-room spa tower, which will be located on the south side of Bellagio's main pool and courtyard. Construction is slated to begin in mid-2003 with completion scheduled for December 2004.

SAN DIEGO, CA-The career services firm signs a five-year lease for 5,854 sf at 4445 Eastgate Mall. Drake Beam plans to move into its new space in December of this year.

SAN DIEGO, CA-San Diego is faring the best out of all of California's hospitality markets, according to research released today by Ernst & Young. Occupancy levels for the region were down only 1.9% in June, the report points out.

RANCHO SANTA FE, CA-The locally-based bank holding company, which derives its income partly from interest received on real estate loans, acquires Upland Bank and Marathon Bancorp in two separate transactions worth more than $42 million combined.

SAN DIEGO, CA-Encompassing 49,284 sf, the office property consists of two buildings that stand at 10021 Willow Creek Rd. and 9775 Business Park Ave. Completed in 1984, the complex is occupied by tenants WorldxChange Communications and Semtech Corp., among others.