CHICAGO—LM Value Investors, LLC, a Clarendon Hills-based Chicago real estate investment fund, is finalizing construction bids for a renovation of The Crossings of Schererville, an 115,443-square-foot office building in Schererville, IN, formerly known as Plaza 833. Construction will begin in late May 2013.
The construction will revitalize both the interior and exterior of the building at the corner of Lincoln Highway and Indianapolis Blvd. and modernize its mechanical and aesthetic features. LMVI purchased the building and three surrounding outlots in December of 2012 from Fifth Third Bank, which acquired it through foreclosure two years before.
LMVI wants significant renovations to the building's lobby, mechanical systems, interior corridors, and main entrance, along with new exterior signage, landscaping and roofing. The building has a glass atrium that connects the two, four-story office sections. The construction plan includes adding interior finishes, such as carpeting, artwork, and lighting, to help create a cohesive look throughout the two office sections, which were built at different times during the 1970s and 1980s.
“This building is in a prime location in one of Northwest Indiana's most active business corridors,” says Don Price, senior vice president with LMVI. “Through significant renovations and strategic leasing initiatives, we are bringing new life to an outdated office property and adding significant value for our investors.”
The general contractor for the project is Lagestee-Mulder Construction of suburban South Holland, IL, a division of Lagestee-Mulder Inc., the parent company of LMVI. Fitzgerald Earles Architects and Associates of Chicago will provide the interior design and construction planning services.
The interior renovations will also include adding a 3,000-square-foot fitness facility for tenants and updating the lower-level conference center. The contractor will also refurbish the mailroom and elevator areas.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
