NEW YORK CITY-A new investment firm, started by industry veteran Richard Mandel, has been established to provide mezzanine financing for hotel owners and investors in the top 25 US hotel markets.

JACKSONVILLE, FL-Lucas Fairways LLC of Jacksonville, FL paid Bank of America Inc. of Los Angeles $31,818 per acre or 73 cents per sf for the 38-year-old, 110-acre property redesigned by Arnold Palmer in 1986.

PHOENIX-The carrier sets up shop in 12,000 sf in a relocation of the operation from Farmington, NM. A five-year commitment is made to a leased site near Phoenix's Sky Harbor International Airport.

HOUSTON-Tait Electronics takes the lease to 10,000 sf at the Park Ten Business Center on the west side of town. The extra space makes up for a closed distribution center in Atlanta and some downsizing in its homeport of Toronto.