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ST. CHARLES, IL-Paul Hemmer Cos., headquartered in FortMitchell, KY, has completed the first phase of the Legacy BusinessCenter of St. Charles, on Kirk Road, one mile south of NorthAvenue. Five buildings with a total of 76,070 sf have beenconstructed, says Kevin Cavanagh, senior development manager of thereal estate development group for Paul Hemmer Cos. The first phaseof the project is valued at between $30 million and $35 millionwith the park valued at a total of about $65 million whencompleted, Cavanagh tells GlobeSt.com.

For the first phase of the park, five speculative buildings wereconstructed. Four speculative industrial buildings were built witha total of 67,547 sf. An investor based in Colorado purchased, onMay 31, one of the industrial buildings, with 13,418 sf for anundisclosed price and plans to lease the building. The asking ratesto purchase the industrial buildings are in the $80 to $105 per sf,Cavanagh tells GlobeSt.com. The likely asking lease rate for thebuilding that was purchased will be between $6 and $7 per sf net,he says. An 8,523-sf speculative office building was also completedand will be sold for between $175 per sf and $200 per sf.