Lagestee-Mulder has purchased a 47,000-square-foot flex building located at 1600 Shore Road in Naperville, Illinois. The multi-tenant, fully leased building sits on a 4.3-acre site in the western suburbs of Chicago and features a 138-car parking lot with both dock-high and grade level loading in many of the spaces. The recently renovated property was purchased by the company’s new investment fund, LM Value Investors II, LLC.
This is the second asset purchased by LM Value Investors II and the first flex building acquired for the LM funds. “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, senior vice president and chief investment officer for Lagestee Mulder.
The building was built in 1989 and is 100 percent leased to nine tenants ranging in size from 3,118 to 9,429 square feet. Tenants have numerous options for casual dining and hotels within a mile of the property in the amenity-rich Rte. 59 and I-88 corridor. The location also provides excellent accessibility to Interstates I-355 and I-88, two major transportation corridors in the East-West Tollway submarket.
The seller, Midwest Industrial Funds, was represented by NAI Hiffman’s John Whitehead and Adam Johnson. The sales price was not disclosed.
