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 “Through significant renovations and strategic leasing initiatives, we are bringing new life to an outdated office property and adding significant value for our investors.”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.

Instant Insights /

LM Value Begins NW Indiana Renovation

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