PEWAUKEE, WIS. — MTM Paul Court has purchased the Paul Court Office building in Pewaukee for $1.5 million. The 10,430-square-foot property is located at N97W24075 Paul Court. Joe Lak of Colliers International represented the buyer in the transaction. Mike Kleber of Zilber Property Group represented the seller, JML Holdings.
CHICAGO — Chicago developer Anshoo Sethi is aiming to finance a multi-hotel complex and convention center near O'Hare International Airport, in part, through the U.S. Immigrant Investor Program, also known as EB-5. The project, proposed by Sethi and the International Regional Center Trust of Chicago (IRCTC), would combine convention center facilities and several hotels on the same site. Over the course of the 24-month construction period and first 10 years of operation, the development is projected to produce a total economic impact of $2.6 billion, according to IRCTC. The development will be financed, in part, by the federal EB-5 program, created by Congress in 1990 to stimulate the U.S. economy and which offers a path to U.S. residency for foreign investors. Plans for the project, which is named A Chicago Convention Center, include eco-friendly architecture and design and high-tech amenities.
ST. PAUL, MINN. — Dougherty Mortgage has arranged a $40.9 million HUD/FHA 221(d)(4) construction loan and 40-year permanent loan for the construction of The Penfield, a 254-unit apartment building in St. Paul. The borrower is the City of St. Paul. The property will also include a 30,000-square-foot Lunds grocery store on the ground level. Ned Foster of Dougherty arranged the 40-year, fixed-rate loan through the St. Paul HRA. The loan carries a rate of 3.12 percent, plus the FHA mortgage insurance premium of 45 basis points, for an all-in rate of 3.57 percent.
CAROL STREAM, ILL. — Meridian Design Build has completed the renovation of a 237,855-square-foot industrial building in Carol Stream to accommodate a new regional distribution center for Kerry Ingredients & Flavours. The project included the renovation of existing office and employee facilities and lighting upgrades. Kerry Ingredients is occupying the facility under a long-term lease with STRS Ohio. Ken Franzese, John Cassidy and Walter Murphy of Lee & Associates Commercial Real Estate Services represented the landlord in the transaction. Trevor Ragsdale of Jones Lang LaSalle represented the tenant. Bob Kolcz and Greg Suthers coordinated the project for Meridian. Harris Architects provided architectural services. The building is located at 284 Lies Road.
FOREST PARK, ILL. — GENCON Building Corp. has completed a 4,500-square-foot office expansion for Duraco, located at 7400 Industrial Drive in Forest Park. Duraco, which manufactures and distributes adhesive products, now occupies a total of 12,500 square feet of office space. Philip Prince & Associates of Wheaton, Ill., provided architectural services for the project.
IOWA CITY, IOWA — The University of Iowa will soon break ground on the $53 million West Campus Residence Hall, the first dorm constructed on campus since 1968. Funded by residence system revenue bonds, the building will provide 501 beds to students in pods of 26 to 28 students in double rooms. Three floors of the 10-floor building will include smaller clusters of rooms. The hall will be a living-learning facility, a model that is already popular among students in Iowa's writing program as well as students majoring in health science and engineering. It will be built to LEED Silver standards and will be completed in spring 2015.
KETTERING, OHIO — IRG Kettering I has purchased a 1.1 million-square-foot industrial facility at 2000 Forrer Blvd. in Kettering. Paul Hoge of Signature Associates represented the seller, DPH-DAS, in the transaction. Norm Khourn of Cassidy Turley represented the buyer.
BENTON HARBOR, MICH. — Quantum Real Estate Advisors has arranged the $4.9 million sale of a 14,000-square-foot Walgreens property at 875 East Napier Ave. in Benton Harbor. Walgreens has approximately 21 years remaining on its lease. Chad Firsel of Quantum Real Estate Advisors represented the buyer, an institutional investor from Minnesota. Jordan Kaufman, also of Quantum, represented the seller, a private individual from Michigan.
CHICAGO — J.C. Anderson has been selected for a 10,000-square-foot renovation to the photography lab and media room at The School of the Art Institute of Chicago. The space is located on the second floor at 280 S. Columbus Dr. The project will include construction of a new photography lab and upgrades to the school's media center and classrooms. The project is slated for completion in mid-August. Tom Bean is the project executive for J.C. Anderson. Juan Gabriel Moreno Architects will provide architectural services.
CINCINNATI — Amsdell Cos. has purchased a five-property self-storage portfolio in the Cincinnati MSA for $13.2 million. Each of the properties are situated on or exposed to major thoroughfares. Brett Hatcher of Marcus & Millichap represented the Cincinnati-based seller in the transaction. Three of the buildings are located in Kentucky and two are located in Ohio.