DURHAM, NC-On behalf of its latest fund, Chicago-based Transwestern Investment Company acquires Research Tri-Center North & South, a nine-building, 1.7 million-sf development here that is 44% leased.

TORONTO-O&Y Properties Corp. and O&Y REIT are seeking offers for the sale of the two companies, which are valued at upward of $1.6 billion. "We expect that a portfolio such as this one will attract worldwide interest," says O&Y Properties chairman Stanley Hartt.

TORONTO-O&Y Properties Corp. and O&Y REIT are seeking offers for the sale of the two companies, which are valued at upward of $1.6 billion. "We expect that a portfolio such as this one will attract worldwide interest," says O&Y Properties chairman Stanley Hartt.

PALO ALTO, CA-The locally headquartered apartment REIT promotes Michael Schall from chief financial officer to senior executive vice president and chief operating officer and hires former KPMG partner Michael Dance to replace him as CFO.

BREMERTON, WA-Morrison Street Fund I LP, a $26-million private equity vehicle managed by Portland, OR-based NBS Real Estate Capital is purchasing the 116-unit Wellsley Apts. here for $7.8 million.

PORTLAND, OR-The city council tears the lid off the size restriction for retailers at Cascade Station, the vacant would-be retail center on the light rail line near the Portland International Airport. Instead of the existing 60,000-sf size limit, a store with a 205,000-sf footprint would be allowed under new rules up for a final vote this week.

CONCORD, CA-As part of an effort to diversify its earnings base, the publicly traded independent hotel management company purchases the Hilton Concord here from Newport Beach, CA-based Hanford Hotels for $88,600 per room.

RALEIGH, NC-While still in lease-up, Kane Realty Corp. takes out the $80-million construction loan for its 700,000-sf North Hills mixed-use lifestyle center here with a $105-million, fixed-rate permanent loan.