ROSEMONT, IL – October 15, 2018 – Venture One Real Estate through its acquisition fund, VK Industrial IV, LP, a partnership between Venture One and Kovitz Investment Group, has closed on the acquisition of a 60,126 square foot Class A, industrial building on 3.35 acres located at 4311 N Normandy Avenue in Chicago, Illinois.
The 25’ clear, precast building was constructed in 1997 and features 4 exterior docks, 1 drive-in door and parking expandable to 100 cars. The property is equipped with a class IV sprinkler system, T-5 Lighting and 3,200 amps of power. Venture One plans to complete improvements to the property including demolition, office renovations and warehouse paint.
Following a short leaseback with the seller, the building will be available for lease in January of 2019. The property has 12 years remaining on a recently renewed Class 6B tax incentive.
Brett Kroner, Larry Goldwasser & Matt Cowie of Cushman & Wakefield represented the seller in the transaction and will be retained by Venture One to market the property.
Venture One Real Estate
Venture One Real Estate is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Headquartered in Chicago, Venture One manages a series of discretionary value-add investment funds that target opportunities throughout the Midwest. Venture One owns over 5.3 million square feet and controls over 1,100 acres of land in corporate business parks in the greater Chicagoland area. Principals of Venture One have over $6 billion of transactional experience. For further information go to www.VentureOneRE.com.
Kovitz Investment Group
Kovitz Investment Group® (KIG), is an independently-managed, registered investment adviser, founded in 2003. KIG is dedicated to providing best-in-class investment and wealth management solutions for high net worth individuals and their families, family offices, institutions, and financial professionals. For more information, please visit www.Kovitz.com.