LOS ANGELES-An automobile auction company signs a 15-year, $25-million lease to use the former Ascot Park racetrack site in South Bay to store the vehicles it plans to sell.

LOS ANGELES-A venture of privately held developer Caruso Affiliated Holdings and Invesco Realty Advisors will target shopping centers and street front projects that need re-tenanting or remodeling.

ORANGE COUNTY, CA-A group urging conversion of the closed El Toro Marine Base into a sorely needed commercial airport unveils an unusual TV ad campaign featuring a money-munching rabbit. It's a direct shot at other groups lobbying for a giant park.

NEWPORT BEACH, CA-Investment banker plans to use new fund to invest in JV equity and mezzanine investments. Separately, it announces loans on several West Coast properties.

ORANGE COUNTY, CA-Schwinn/GT announces plans to relocate to Fontana after signing five-year lease worth $6 million for 323,660 sf of distribution space. Bicycle maker will leave its longtime Santa Ana home next month, taking hundreds of jobs with it.

LOS ANGELES-The city council here has OK'd a plan to create as many as 100 community groups to review development proposals. The measure now moves to the mayor's desk, but no one can predict whether he'll sign it or reject it.

LOS ANGELES-More than 40 leaders of nation's multifamily industry will speak at RECG's widely anticipated "Apartments 2001" event. Keynoters include president of Legacy Partners Residential and chairman, CEO of Archstone Communities.

BREA, CA-The final phase of CIM Group's Birch Street redevelopment project is leasing up well. Including all phases, the redevelopment includes more than 500,000 sf of retail and entertainment space, about 200 homes and lofts, and parking for 2,880 cars.