STOCKTON, CA-The publicly held mall REIT from Columbus, OH, takes out a $19-million loan on the 850,000-sf mall here with a new $60-million fixed-rate financing, the proceeds from which were used to lower the company's variable rate debt exposure.

DALLAS-Cobalt Capital Partners, with USAA Real Estate Co. as lead sponsor, picks up six other institutional investors to launch a REIT with the power to buy $700 million of industrial assets. The play starts with six million sf in eight markets.

LAS VEGAS-Citing development costs and related issues, retailers and developers call for flexibility, reasonableness and consistency on policy from communities. "Smart growth isn't easy to define," says Sue Murphy, president of P&M Consulting Group of Tampa. "People are using it to encompass a myriad of issues, and there are a lot of different definitions. The definition, in its most simplistic form, is the efficient use of infrastructure." She was setting the table for what was to be a lively discussion on the topic of "smart growth" as it applies to retail development Tuesday at the ICSC convention here.

COLUMBUS, OH-The retail REIT is disposing of five malls located in Texas, Alabama, Florida and North Carolina. Company execs expect to generate $250 million to $270 million from the sales.