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Chicago & Midwest  + Greater Chicagoland  + Office  | 

Lagestee-Mulder Makes First Flex Building Buy

Lagestee-Mulder has acquired a 47,000-square-foot flex building at 1600 Shore Rd. in Naperville, IL, in Chicago’s western suburbs. Financial terms were not disclosed.  The recently-renovated property was purchased by the company’s new investment fund, LM Value Investors II LLC.

“This purchase is a continuation of our focus on well-located assets in strong suburban markets with strong in-place cash flow and at a price well below replacement cost, giving us the ability to create value for our investors,” said Don Price, SVP and CIO for Lagestee Mulder. It’s the second asset purchased by LM Value Investors II, and the first flex building purchased for the LM funds.

Located on a 4.3-acre site, the multi-tenant 1600 Shore features a 138-car parking lot with dock high and grade level loading in many of the spaces. The property is 100% leased.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition