WHITE PLAINS-Cappelli Enterprises of Valhalla has signed a contract to acquire the three-acre former Macy's department store property Downtown here from Tishman Speyer Properties of New York City.

LA JOLLA, CA-The Lodge at Torrey Pines in La Jolla is undergoing a $28-million renovation and expansion that captures the Greene & Greene Craftsman style popular in the region during the first part of the century.

PHOENIX-The sky over some of the Valley's most upscale residential areas is relatively quiet, but that would all change if the FAA goes forward with proposed changes to the flight routes in and out of Phoenix Sky Harbor Airport.

HOUSTON-There's little room for doubt that Houston is leading the nation in industrial market activity these days. Another 105,000 sf has been leased. Meanwhile, space is so sparse that one prospect has bought land for his new spot.