ORLANDO-In the biggest local retail investment transaction of the year, Pennsylvania Real Estate Investment Trust has contracted to pay a Colonial Properties Trust affiliate and joint venture partner $112.27 per sf for the 1.1-million-sf, 35-year-old, 92%-leased shopping center two miles east of Downtown.

DALLAS-California commercial owners have picked up more than $15.1 billion from retail and multifamily sales in the past year. The money trail is difficult to track, but the overwhelming consensus is the Sunbelt has gained the most from the trades.

ARLINGTON, VA-The Mills Corp. has closed on its $1-billion acquisition of regional malls from General Motors Asset Management LLC. The deal, which the company announced in August, gives Mills a 50% interest in nine properties across the country.

BOCA RATON, FL-New York City-based Blackstone Group will acquire Boca Resorts for a total transaction value of nearly $1.3 billion. This acquisition comes on the heels of the completion of Blackstone's merger with Prime Hospitality.