SAN DIEGO, CA-The nation's third-largest hotel REIT plans to use sales proceeds to maximize its financial flexibility and liquidity. The sale of the 317-room hotel was MeriStar Hospitality Corp.'s fifth such transaction for 2002.

NEW YORK CITY-Nearly 17 acres of vacant Long Island land--a former military aircraft runway owned by Northrup Grumman Systems Corp.--has hit the sale market. Grubb & Ellis is marketing the property, which is permitted for office and R&D use.

PALM BEACH, FL-The entity bought the Northern Trust Building and The Lehman Bros. Building here, which total 75,000 sf and include a 240-space parking garage, from George Straub and Capital Trust Group for an estimated $28 million, or $380 per sf.

SAN JUAN CAPISTRANO, CA-Peterson Enterprises, a maker of fireplace equipment and outdoor barbecues, acquires the 17,256-sf industrial building in Capistrano Business Park.