PHOENIX-A Phoenix investor relinquishes the deed to the Islands Apartments in Phoenix's north submarket to two private investors. The 10-unit complex at 4538 N. 8th Place was built in 1983.

ALBUQUERQUE-Occupancy stands at 92.4% in a city with 16,825 units in 68 properties. It's a 0.6% drop from fourth quarter 2001 and 1.7% under last year's first quarter total. The slight decline could stall permitting, says RealFacts.

PHOENIX-The proceeds will be applied to Larry Feldman's $54-million purchase of the 482,351-sf Tucson Foothills Mall, says one of the brokers. The REIT buyer gets 100,188 sf in a mature neighborhood where space is a premier commodity.

ALBUQUERQUE-Occupancy stands at 92.4% in a city with 16,825 units in 68 properties. It's a 0.6% drop from fourth quarter 2001 and 1.7% under last year's first quarter total. The slight decline could stall permitting, says RealFacts.

BAYTOWN, TX-Bayer's 1,500-acre campus, situated 30 miles east of Houston, will get its second office building, a 60,000-sf twin to its administrative building. The keys will be turned over in October.

HOUSTON-The retailer takes inline space at Inwood Central in Houston's northwest submarket and Cullen Plaza in the southern sector. The new deals take Houston to eight locations in a 215-store portfolio.

LA PORTE, TX-GSL Contractors' 6.9-acre buy jumpstarted a build-to-suit in the Bayport North Industrial Park in La Porte, southeast of Houston. The developer's intent is to build and hold, as it did with its other Houston-area properties.

HOUSTON-The multifamily absorption is double what it was in December 2001, but still it's at its lowest point in four years. Just the fact that it doubled is a good sign, says a market watcher, who predicts another doubling by the second-quarter close.