October 22, 2010 Chicago – VK Industrial I, LP, a real estate fund managed by Venture One Real Estate, LLC and Kovitz Investment Group, LLC has closed on two industrial properties in the Chicago Market announced Matt Goode, Principal of Venture One, the Chicago based real estate investment and development firm. The properties are located at 12500 Lombard Lane in Alsip, Illinois and 5727 95th Avenue in Kenosha, Wisconsin.
5727 95th Avenue is a 20,000 square foot industrial facility located in the Business Park of Kenosha that was built in 1999 by the seller, M and P Properties, LLC. The property is 100% leased to Midwest Thermal-Vac, which has been a tenant in the building for over 10 years. The seller was represented by Rob Pitts of Kenosha based Pitts Brothers and Associates, LLC.
12500 Lombard Lane is an 86,200 square foot facility that was built in 1979. The Seller, Freis Family Venture LLC, was represented by Corey Chase of Podolsky Realty Partners. The building is currently 100% leased to two tenants, MV Transportation Inc. and Masters Shipping Inc. The building is located 1 mile from a full four-way interchange at I-294 and Cicero Ave.
According to Goode, VK Industrial I, LP was formed in 2010 to acquire well-located, functional industrial real estate in infill or growing submarkets primarily in the Chicagoland area. The fund plans to acquire both stabilized and unstabilized assets through one-off and portfolio purchases with a targeted acquisition size of between $2 and $10 million. “VK was set up to expand upon the existing development and acquisition platform of Venture One Real Estate, LLC. Despite the recent downturn, we believe in the long term strength of the Chicago Industrial Market. We are excited about the acquisition opportunities that we are seeing.” said Goode.
Both transactions were closed all cash although, according to Goode, VK Industrial I, LP will eventually put moderate leverage on the properties.