FORT WORTH, TX-Crescent Real Estate Equities Company Chairman Richard E. Rainwater has swapped his shares of common stock for units in the company's operating partnership in a two-for-one trade-off.

CHICAGO-Capitalization rates for retail properties are dropping for the third consecutive year, reports Marcus & Millichap Real Estate Investment Brokerage Co., despite a difficult economic environment that has caused some retailers to back away from building plans.

NEW YORK CITY-The McDonald's-owned burrito chain has four leases out and expects to have deals signed within 60 days. Likely first locations include the World Financial Center, St. Marks Place, the Grand Central District and near Columbia University.

PHOENIX-In the end, Snell Family Investments won out with a promise to close within 10 days. "We picked between the two buyers based on who could move the fastest," says the broker in the deal.