Chicago – Venture One Real Estate, LLC, through its acquisition fund VK Industrial I, LP, has closed on an industrial building located at 1085 Peace Road, DeKalb, IL. The amount of the sale was not disclosed.
The building is a 146,740 square foot manufacturing and distribution facility that was constructed in 2001. The building will be occupied by Joseph T. Ryerson & Sons, Inc. on a long term lease. “We are thrilled to welcome Ryerson – an industry leader in metal processing and distribution – to the City of DeKalb,” said DeKalb Mayor Kris Povlsen. “We commend Venture One on their continuing investment in the city and their extensive industry relationships that helped Ryerson to find the right building in our community.” Povlsen added.
The seller, Timberline Building Enterprises, LLC was represented by Steven Milner of Milner & Associates based in DeKalb. Chris Pontarelli with Competitive Property Solutions, Kathy Bellinger with Daum Commercial Real Estate and Sally Macoicz with Cushman Wakefield of Illinois represented Joseph T. Ryerson & Son, Inc. in the negotiation of the long term lease. This transaction reflects how VK Industrial I, LP, with the cooperation of the industrial brokerage community, was able to structure a purchase of a building while simultaneously entering into a lease agreement with Joseph T. Ryerson & Son, Inc.
This purchase marks the 15th acquisition of Venture One’s, VK Industrial Fund I, which opened in September of 2010 for the purpose of acquiring industrial properties in the Chicago Metropolitan area. The fund has acquired approximately 1,100,000 square feet of industrial property in 15 separate transactions.