The privatization values the industrial landlord, whose holdings include about 200 million square feet in the US, at US$11.6 billion.

SAN DIEGO—Level 3 Construction is redeveloping the Wall Hillcrest, an office/retail project in this trendy part of town that preserves the bones of the original structure while bringing the space up-to-date for its new use, the firm's John Gonzalez tells GlobeSt.com.

CYPRESS, CA—The sale of Cypress Crossroads to a private investor demonstrates that private-exchange buyers have emerged as more aggressive buyers than some of the more traditional institutional ones, Dornin Investment Group's Andrew Kurzeka tells GlobeSt.com.