Chicago – Venture One Real Estate, LLC, through its acquisition fund, VK Industrial I, LP, has closed on a 26,028 SF vacant industrial facility, located at 1225-1235 Pratt Boulevard in Elk Grove Village, Illinois, announced Matt Goode Principal of the Chicago-based real estate investment, development and advisory firm.
The facility is located in the heart of the Centex Industrial Park just west of O’Hare airport, only 2 miles from the interchange of I-90 and Elmhurst Road. Built in 1977, it sits on 1.41acres, has up to 54 car parking, paved outside storage capacity, 1,200 amp, 3-Phase power, 2 truck level docks and approximately 4,000 square feet of office. The property has been approved for 6B tax abatement.
Venture One was represented by Jeremy Szybowicz of MAS Brokerage in the transaction.
“We are believers in the strength of the Chicago Industrial Market and will continue to pursue functional industrial investment opportunities that are both stabilized and vacant. This building is unique because it can accommodate either one or two tenants and has an additional paved area that can be used for parking or outside storage,” said Goode.
The property will be marketed for lease or sale and is divisible to 12,000 square feet. Venture One will improve the property with the addition of energy efficient T-8 lighting, a new TPO roof, as well as office improvements. Venture One has appointed Kevin Segerson and Chris Zubel of CB Richard Ellis as exclusive agents to market the building.
This purchase marks the sixth acquisition of Venture One’s VK Industrial fund. The fund was opened in September of 2010 for the purposes of acquiring industrial properties primarily in the Chicago metropolitan area. The fund has acquired 275,000 square feet of industrial property.