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.
LOS ANGELES — American Healthcare Investors and Los Angeles-based Griffin Capital Corp. have acquired 14 medical office buildings in nine states, including Illinois and Indiana. The purchase price was $106.7 million and the portfolio totals 474,000 square feet. In Indiana, the companies purchased the Beyer Medical Building, a 19,000-square-foot medical office in Warsaw. The property is fully leased to the Kosciusko Community Hospital through 2018. The acquisition also included a 30,000-square-foot facility leased to Carle Foundation Hospital in Champaign, Ill., and a 39,000-square-foot building in Lemont, Ill. Additional states included in the deal are Florida, Texas, New Mexico, Hawaii, Alabama, Colorado and South Carolina.
LAWRENCE, KAN. — K&M Tire has acquired an 81,640-square-foot warehouse at 3801 Greenway Circle in Lawrence, located 35 miles west of Kansas City. K&M plans to distribute wholesale tires to retailers in Kansas and Missouri from its new location. The facility will begin operations this August.
ST. LOUIS — Love Funding has arranged an $8.64 million loan for the rehabilitation and expansion of Gotham and Delmar Apartments, a historic St. Louis complex. The renovation of the Gotham building will reduce its unit count to 54 apartments from 66, while the new Delmar building will consist of 18 apartments and first-floor commercial suites for office or retail use. The buildings will also include Energy Star appliances, new light fixtures and new heat reflective roof shingles. Robyn Cunningham and Adrian Hartman of Love Funding secured the loan through the U.S. Department of Housing and Urban Development's Section 220 loan insurance program. The transaction enables the property developer, Delmar Properties Management and Construction, to obtain a non-recourse loan for the period of construction and for a 40-year term once the buildings are completed.
CHICAGO — M&R Development has started construction on two apartment developments in Chicago: Summit on Lake at 73 E. Lake St. in Chicago and Central Station at 1700-1722 Central St. in Evanston. Both projects will be managed by RMK Management Group. This week, crews broke ground on the 42-story Summit on Lake, which will include 322 units and 178 parking spaces. Occupancy is slated for April 2014. Amenities will include an indoor pool, spa with waterfall, a two-story cyber cafe and a business center. McHugh Construction is serving as general contractor. Construction is also under way on Central Station, a four-story apartment development along the Central Street corridor. It will include 80 apartments and 10,665 square feet of street-level retail. The first occupancies are expected next July. McShane Construction is serving as general contractor.