OAK BROOK, ILL. — In a joint venture, Inland Real Estate Corp. and Inland Private Capital Corp. have acquired two portfolios of single-tenant retail properties for $40.8 million. The seven properties total 95,630 square feet. The four stores net-leased to Walgreens are located in Dunkirk, N.Y.; McPherson, Kan.; St. George, Utah; and Nampa, Idaho. The three properties net-leased to CVS are located in Lee's Summit, Mo.; McAllen, Texas; and Newport News, Va. The stores range in size from 12,900 to 14,490 square feet.
SPRINGFIELD, MASS. — Suffolk Construction has completed the first phase of its Baystate Medical Center expansion and facility-replacement project in Springfield. The $296 million new, clinical facility houses a heart and vascular center as well as critical-care and inpatient rooms. Designed by Steffian Bradley Architects, the building totals 641,000 square feet. The construction is part of a 15-year master plan for the hospital — the largest medical facility in Western Massachusetts. Suffolk has started work on the second phase, a new emergency department, which will triple the size of Baystate's existing emergency room.
78 REALTY BUYS RIVERDALE APARTMENT COMPLEX FOR $17.4M NEW YORK CITY — 78 Realty LLC has purchased a 103,400-square-foot apartment building in Bronx's Riverdale neighborhood for $17.4 million. The 84-unit propery is located at 530 W. 236th St. Marcia Rose Yawitz and Benjamin Tapper of Eastern Consolidated represented the buyer in the transaction. The building also includes 19 garage spaces. Benjamin Spaiser was the seller.
BURLINGTON, MASS. — Dyax Corp. has opened its new corporate headquarters at 55 Network Dr. in Burlington. Dyax moved from 300 Technology Square in Cambridge, and is Burlington's first biopharmaceutical company. The 45,000-square-foot facility includes laboratory, office and conference space. Jones Lang LaSalle served as the construction manager for the interior build-out.
BROOKLYN — Marcus & Millichap Real Estate Investment Services has arranged the $800,000 sale of 236 New York Ave., an 8-unit apartment building in Brooklyn. Shaun Riney and Derek Bestreich of Marcus & Millichap's Brooklyn office represented the seller, a private investor. They also secured the buyer, a private investor.
AUSTIN — Marcus & Millichap has brokered the sale of the 129-unit Fountainhead, a multifamily property located at 4100 Victory Dr. in Austin. Kent Myers and Joe James of Marcus & Millichap's Austin office represented the seller in the transaction and procured the buyer, both of which were partnerships.
HOUSTON — Houston-based NewQuest Properties has arranged the sale of a 3.47-acre land tract, located on Post Oak Boulevard and Transco One Drive in the heart of Houston's Galleria area. The buyer, Alliance Communities, plans to build a 272-unit, five-story multifamily building with a parking garage on the site. The project is slated for a first quarter 2014 completion. Cullen Kappler of NewQuest Properties represented the seller, Whitney National Bank, in the transaction. The buyer was self-represented by Brian Austin of Alliance Communites' Houston office.
CARROLLTON — Pie Five Pizza Co., a subsidiary of Pizza Inn Holdings, has opened its sixth restaurant, located at 3400 E. Hebron Parkway in Carrollton. The property is more than 2,000 square feet and seats approximately 70 people.
HOUSTON — CEF Funding, a Delaware limited liability company, has retained Houston-based Moody Rambin as the exclusive property management and leasing agent for a three-building office portfolio, located at 16840 and 16850 Buccaneer Ln. and 1045 Gemini St. in Houston. The portfolio includes approximately 80,000 square feet of Class B office space and 50,000 square feet of research and development space. Rob Chandler of Moody Rambin will represent the seller in the disposition of the Class B building, Walter Cameron will oversee the building's property management and Derek Beck and Jeff Barbles will handle the property's leasing.
NORTHRIDGE, CALIF. – The 50-unit Varsity Club Apartments in Northridge has sold to a private investor for $11.25 million. The 63,406-square-foot apartment building is located at 10020 Zelzah Ave. The buyer was represented by Thomas McCartin of Marcus & Millichap’s San Diego office. The seller, a Southern California real estate developer, was represented by Reza Ghobadi of the firm’s Encino office.