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PHOENIX — Phoenix-based retail owner Cole Real Estate Investments has purchased a portfolio of CVS/pharmacy stores for approximately $70.1 million. The portfolio contains 13 properties in 11 states. All 13 of the properties opened in 2009 or 2010 and are subject to 24-year, triple-net leases. They are located in California, Florida, Georgia, Kansas, Minnesota, Mississippi, New Jersey, New York, Oklahoma, South Carolina and Texas. The portfolio contains 174,000 total square feet of space. “Single-tenant properties net-leased to national credit tenants such as CVS are in high demand among investors,” said Mark Taylor, vice president of investments for Marcus & Millichap's Philadelphia office, in a statement. “This trend is expected to continue in 2011 as well-capitalized private investors and REITs with strong balance sheets continue to acquire assets.” Taylor was joined by Dean Zang and Chris Munley, also of Marcus & Millichap's Philadelphia office, to represent the undisclosed seller. The local brokers of record for Marcus & Millichap include J.D. Parker in New York, Tim Speck in Texas, Solomon Poretsky in Minnesota, Adam Christofferson in Kansas, Bill Buford in South Carolina, John Leonard in Georgia, Greg Matus in Florida and David Bohanon in Oklahoma. Chad Adams provide in-house representation for Cole. …

LOS ANGELES — J.H. Snyder Development Co. and Washington Capital Management are partnering for the development of a high-rise residential project in Los Angeles. The Vermont will be constructed on a 2-acre site at the corner of Wilshire Boulevard and Vermont Avenue in the city's Mid-Wilshire district. Construction will consist of two towers rising 25 and 30 stories. They will contain 464 one- and two-bedroom units as well as approximately 41,000 square feet of ground-floor retail space. Community amenities will include a lounge-style resident workspace, a fitness center and spa, and a quarter-acre central courtyard with an outdoor swimming pool. The retail space will consist of neighborhood-serving tenants including restaurants, a grocer, a bank, a dry cleaner and a coffee house. Apartments will cater to professionals, and rents will range from $1,800 to $3,000 per month. The project will be seeking LEED certification “This is a significant investment that will transform a 2-acre dirt lot into a vibrant mixed-use community in the heart of one of L.A.'s most energetic and growing neighborhoods,” said Michael Wise, a senior partner with J.H. Snyder, in a statement. Locally based Snyder recently infused new equity into the project and will lead the design and …

CHICAGO — Chicago-based U.S. Equities Realty has brokered the acquisition of a Chicago high-rise office tower on behalf of an Irish investment fund. Wilton U.S. Commercial, a Delaware-based REIT controlled by the fund, purchased 65 E. Wacker Place for an undisclosed amount — marking the REIT's first acquisition since its formation. The office tower was constructed in 1928 and contains 220,000 square feet of space over 24 floors. Occupancy was approximately 90 percent at the time of closing. Morton Steakhouse occupies the first two floors of the building. U.S. Equities Realty represented the buyer in the deal. The broker's in-house management division, U.S. Equities Asset Management, will provide management, marketing and leasing services for the building moving forward. A spokesperson from U.S. Equities Realty indicated that the buyer is exploring options to reposition the building, but no plans had been decided. The buyer paid all cash for the building and plans to finance it in the first quarter The undisclosed seller was represented by John Gavin and Dirk Rieske of Grubb & Ellis. Wilton U.S. Commercial is advised by Wilton Commercial Real Estate Ltd. and Finnegan Menton Auctioneers & Valuers, both of Ireland. — Coleman Wood

DENVER AND SAN FRANCISCO — Two of the largest owners of industrial properties in the United States have entered into discussions regarding a potential merger. In joint press releases, Denver-based ProLogis and San Francisco-based AMB Property Corp. explained the deal would consist of a merger of equals, in which both company's stock would be combined in an all-stock, at-market transaction based on the unaffected trading price of both stocks prior to media reports of the possible merger. Neither company would comment further on the talks. Following the news on Thursday, shares of AMB Property Corp. (NYSE: AMB)(http://www.google.com/finance?q=NYSE%3AAMB) rose to $36.01 per share, coming within pennies of its 52-week high), but ended the day at $34.01. Shares of ProLogis (NYSE:PLD)(http://www.google.com/finance?q=NYSE%3Apld) also rose, ending the day at $15.87. If completed, the merger would create a titan in the industrial sector. ProLogis currently controls a portfolio of more than 435 million square feet of industrial space located across North America, Europe and Asia. AMB controls 158.4 million square feet of industrial space in 49 markets within 15 countries. — Coleman Wood

CHICAGO AND ATLANTA — Chicago-based brokerage giant Jones Lang LaSalle (JLL) is broadening its capital markets platform with the signing of a definitive agreement that will allow it to acquire part of Atlanta-based Primary Capital Advisors. With the acquisition, JLL will become a Freddie Mac Program Plus Seller/Servicer. The deal also includes a $2 billion loan servicing platform that JLL plans to eventually expand on a national level. The acquisition is expected to close in the first quarter of this year. Faron Thompson, Primary Capital's co-founder, will lead JLL's multifamily lending business and assume an executive leadership role with the firm's real estate investment banking (REIB) team. John Bray, Primary Capital's managing director and its number one Program Plus producer last year, will join Thompson. The two will partner with President Jay Koster and the REIB leadership team of Tom Melody, Mike Melody and Tom Fish, along with Jubeen Vaghefi, managing director of JLL's national multifamily investment sales team, to drive the firm's expansion of its Americas Capital Markets business. William B. Pendleton, Primary Capital's co-founder, president and chief executive officer, will serve as senior advisor to JLL and will focus on expanding client and lender relations. According to Thompson, …

FALLS CHURCH, VA. — The Northern Virginia office market continues its January hot streak with another big office deal. ING Clarion Partners has purchased 3150 Fairview Park, a Class A property located in Falls Church. The $90 million purchase was made on behalf of a commingled fund managed by the firm. The seller was Wakefield, Mass.-based Franklin Street Properties Corp. The building contains 252,000 square feet over eight stories and is located within the Fairview Park master-planned community at the intersection of Interstate 495 and Route 50. It was constructed in 2001 as a build-to-suit for Boblis Systems, which is the building's sole tenant through January 2017. Amenities at the building include a conference center, a childcare facility and a three-level parking garage. Fairview Park also contains a 450-room Marriott hotel and conference center, the 2941 Restaurant and a 17-acre lake with 2.5 miles of walking trails. “The resilience of the local economy in Northern Virginia-Washington, D.C., submarket has been demonstrated again through the most recent downturn,” said Marc DeLuca, director of ING Clarion, in a statement. “This resilience provides strong support for the area's office market and is particularly important to outstanding properties like Fairview Park.” Last week, just …

ATLANTA — Jackson, Miss.-based Parkway Properties has purchased the office and retail portions of an Atlanta trophy tower for $167.3 million. The property is a 50-story mixed-use building located at 3344 Peachtree Road in the Buckhead submarket of Atlanta. Parkway purchased the 484,000-square-foot office and retail portions of the building along with an adjacent, 11-story parking garage. Tenants include Jones Lang LaSalle; Weinberg, Wheeler, Hudgins, Gunn & Dial; SPANX; Littler Mendelson; Fifth Third Bank; Hodges Ward Elliott; The Buckhead Club; Barclays; and Bistro Niko. The 82-unit condominium component of the tower, known as SOVEREIGN, was not included as part of the deal. Parkway made the acquisition on behalf of its Parkway Properties Office Fund II, a $750 million discretionary fund formed in 2008 for the purpose of acquiring high-quality, multi-tenant office properties. The fund, of which Parkway Properties owns a 30 percent stake, will contribute $130 million toward the purchase, with Parkway Properties itself contributing the remaining $7.3 million. The buyer expects to spend an additional $2.6 million in closing costs, capital improvements and leasing costs during the first two years of ownership. “3344 Peachtree is one of the premier office properties in Atlanta,” says Parkway President and CEO Steven …

ST. PETERSBURG, FLA. — Baypoint Commerce Center, an approximately 700,000-square-foot office campus located in St. Petersburg has traded for an undisclosed amount. The buyer was New York City-based The Feil Organization, and the seller's name was not released. The office campus consists of 15 buildings situated on 76 acres at 877 Executive Park Drive within the Gateway submarket of Pinellas County. Current tenants at the park include Sage Software, the Internal Revenue Service, Fidelity Insurance and CBS Radio. The park was formerly known as Kroger Center before undergoing a name change in 2008. In addition, a $6 million capital improvements program was undertaken by the seller. According to local reports, the last time the property traded, in 2007, a group of private investment companies paid more than $93.3 million for it. — Coleman Wood