ORANGE COUNTY, CA-The county's retail market is still strong, but may face some challenges in the months ahead, according to recent research by Marcus & Millichap Real Estate Investment Brokerage Co. Rents are expected to level off, as vacancies begin to slowly rise, the report says.

DENVER-A Grubb & Ellis Co. report shows land sales down by nearly $50 million in Denver and off as well in Colorado Springs despite this year's record-breaking $55-million deal for the Banning Ranch. The light trading will continue through 2002.

CHICAGO-First Industrial Realty Trust, one of the nation's largest owners of industrial properties, has formed an institutional fund with a major Kuwaiti bank for property investment in the US. Total capitalization of the fund will be $300 million.

BLACK HAWK, CO-Penn National Gaming has developed a buyout plan, calling for $6.5 million in cash, for three Black Hawk casinos. The buyer is looking at a second quarter 2002 closing, if it gets the OK from the state's gaming commission.