WILMINGTON, DE-Exercising an 18-month-old option, the newly public REIT pays $51.7 million for a 263,000-sf class A office building here that is fully leased to financial institutions that will pay $4.5 million in rent in 2004. Last month, the company acquired more than 100 retail banking locations.

ROCKVILLE, MD-CB Richard Ellis takes over for Grubb Ellis as leasing agent for the Fallsgrove Office Project, a 440,000-sf multi-structure office property. CBRE will also oversee leasing for two structures scheduled to go up.

BELLEVUE, WA-As part of its effort to shed 400 acres of commercial property and focus on residential development, locally based Quadrant Corp. sells the 98-acre Redmond Ridge Business Park and the remaining 52 acres of undeveloped land at Snoqualmie Ridge Business Park.

SANFORD, FL-Small Bay Partners plans to break ground by year end on the third 56,000-sf phase of Monroe CommerCenter South here, a planned 172,180-sf high-tech-wired warehouse venture geared to users needing 2,000 sf to 50,000 sf of storage and distribution space.