CHICAGO, IL – Venture One Real Estate through its acquisition fund, VK Industrial III, LP, has closed on a multitenant, 129,689 square foot industrial building at 4201 W Victoria in the Peterson/Pulaski Industrial Park in Chicago, Illinois. 4201 W Victoria was built on 5.52 acres of land in 1961. The property offers unique amenities for market including heavy parking, 3,200 amps of power at 480 volts, a partial 6B tax incentive, and Cook County enterprise zone status.Venture One will be renovating the building including the construction of four additional docks and three new speculative office areas. Other improvements include new energy efficient lights, existing office renovation, interior and exterior paint, bathroom upgrades and new HVAC systems. After renovations, the building will consist of four separately demised units ranging from 22,000 square feet to 53,000 square feet, each with its own office and exclusive loading docks.
This is Venture One’s fourth industrial redevelopment project in the City of Chicago over the past 2 years. According to Matt Goode, Principal at Venture One, “There is a lack of supply of functional, well located industrial space in the city, and industrial companies are being displaced from older industrial areas that are being redeveloped for office, apartments and commercial. Whether it is for last mile distribution, access to city labor and transportation or proximity to downtown there are companies that need clean, functional, professionally managed industrial space in the city. This is the type of space that we are providing at 4201 Victoria as well as our other inner-city projects. Demand has been very high across all of them.”
Michael Caprile, Zach Graham and Ryan Bain of CBRE represented the Seller in the transaction.. Zach Graham along with Ryan Bain have been retained by Venture One to market the property for lease.
Venture One’s VK Industrial funds have acquired over 5,000,000 square feet of industrial property in over 50 separate transactions in the Chicago market since opening in September of 2010.
Venture One Real Estate, LLC is a Chicago-based national commercial real estate company that acquires, develops, leases, and manages industrial properties on its own behalf and on behalf of investment partners. Venture One also provides real estate advisory services to buyers and sellers of investment properties and portfolios on a national basis. To learn more, visit www.ventureonere.com