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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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- ◦Sale/Acquisition
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