PHOENIX-Lincoln National Life Insurance Co. spends $40 million for the 367-unit Camelback Square and $32 million for the 312-unit Bacaro Apartments, both upscale projects of Gray Development. One is done, the other delivers in 2004.

PHOENIX-The Gaines Investment Trust spends $26.5 million for the 350-unit Ventana Apartments in Scottsdale and then drops another $18 million on the 380-unit Ridge Apartments--all in one day. It's the trust's first foray into the metro Phoenix market.

NOGALES, AZ-A Scottsdale investment group uses a 1031 Exchange to gain title to the 107,249-sf Loma Linda Shopping Center. Tenants such as Walgreens, Safeway and Factory-To-U sweeten the investment proposition.

SCOTTSDALE, AZ-The Continental Center wins the nod of Pearson Custom Publishing Group, which will use the office for its most profitable division. The five-year lease is valued at $4 million over its term.

PHOENIX-Nearly 800,000 sf in three office projects came on line last year and three more totaling 332,000 will be unlocking doors in the coming months. The 230,000-sf Camelback Explanade V was the largest to deliver in 2002.

PHOENIX-An animal products manufacturer has taken over an old grain storage facility in the city's west side in a $2.5-million deal that bought the new owner seven buildings on 11.6 acres. The deal closes in just three weeks.

PHOENIX-The 483,745-sf CBD property commanded more than $23.6 million above the second-ranked building in the top sales for metro Phoenix. Parkway Properties of Jackson, MS holds the deed.

PHOENIX-The New Jersey-based investment group spends $3.2 million for an 84-unit, 92%-occupied apartment complex in Phoenix at the same time it breaks ground on a $3-million fitness center for Mesa.