FOR IMMEDIATE RELEASE
Downers Grove, Ill., April 5, 2022 – Location Finders International Real Estate (LFI) Chairman, Mike Rose, is pleased to announce the completion of three development projects in Downers Grove, Illinois including Duly Health and Care (formerly DuPage Medical Group), Higher Ground Education, and Illinois Bone & Joint Institute.
Duly Health and Care
LFI’s Development team worked with Leopardo Construction, Inc. to remodel the partially vacant and blighted 16,500-square-foot office building at 5207 Main Street in Downers Grove for a total construction cost of $5,200,000. The building is a critical property in the heart of Downers Grove’s thriving downtown. The project included full interior gut, new façade and pedestrian friendly improvements such as street furniture and lush landscaping. The new facility housed comprehensive healthcare practices including pediatrics, internal medicine, mental health, dermatology, endocrinology, gastroenterology and laboratory services.
LFI also entered into a parking agreement with the Village of Downers Grove which allows downtown shoppers and restaurant patrons to use the parking lot free of charge.
The investment highlights include a 20-year triple-net lease with 2% annual increases. On May 7,2021, LFI’s disposition team worked with Sean Sharko of Marcus & Millichap who served as the Buyer Broker to sell the property. LFI received multiple offers and ultimately sold to an out-of-state non-1031 investor. The Final Sales Price was at an unprecedently low Cap Rate for Duly Health and Care MOB.
Higher Ground Education/Guidepost Montessori
In 2021, LFI’s Acquisition Team purchased the 14,100-square-foot former Sears Hardware at 925 Ogden Avenue that had been vacant for 6+ years. LFI’s Development team worked with Helios Construction Services, Inc. to gut the building and build the 10 classroom Montessori school on a turnkey basis. LFI also installed a playground, storm detention and landscaping on a site that previously had none.
The investment highlights includes a 25-year triple-net lease with 2% annual increases.
Illinois Bone and Joint Institute (IBJI)
In 2019, LFI’s Acquisition Team purchased the 7,700-square-foot medical office building at 1034 Warrant Street in Downers Grove’s thriving downtown. LFI leased the entire building to IBJI for their medical and rehabilitation services. IBJI will complete their office build out and open to the public in June 2022.
The investment highlights includes a 10.5-year triple-net lease with 2% annual increases.
LFI’s disposition team worked with John Nuzman of Marcus & Millichap who served as the Listing Broker. LFI received multiple offers and sold the property at 100% of list price to a California buyer. The investment highlights include 19 years remaining on the 20-year triple-net lease with 2% annual increases. The Final Sales Price was at a 6.70% Cap Rate.
About LFI
Founded in 1973 by Michael H. Rose as a full service real estate development company, located in Mokena, IL. LFI is a vertically integrated real estate company focused on the acquisition, development, and creation of innovative commercial real estate solutions for its real estate portfolio consisting of more than 100 properties across the U.S., with a concentration in the Chicagoland area ranging from small to large size retail centers, medical office buildings, prime commercial buildings, single tenant retail with large national or regional tenants, to be developed properties, large manufactured home communities, industrial parks, and hotels, currently valued in excess of $500 million. For more information, visit the LFI Real Estate website www.lfirealestate.com/.
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