BETHESDA, MD-The Air Rights Center sells for $147 million to the Teachers Insurance Annuity Association affiliate Bethesda ARC LLC. The multi-structure property is leased to near capacity and had been in the possession of Lowe Enterprises Investment management for the last five years.

ATLANTA-IRT Property Co. has completed a 3.5-million-share common stock offering to Salomon Smith Barney, which exercised a 30-day purchase option from earlier this month. The proceeds will be used to fund upcoming IRT projects, including three developments set to open by the end of this year.

LOS ANGELES-The San Lucas Apartments will be a four-story building with subterranean parking and will provide 116 one-bedroom units, 16 two-bedroom plans and 64 studios. The project is being developed by the Portland, Ore.-based GSL Properties.

SAN DIEGO-A firm with offices in three other California offices is now trying to gain a foothold in the San Diego market. The move, according to principals, comes at the request of current clients.