Rosemont, IL – May 21, 2020 – Venture One Real Estate through its acquisition fund, VK Industrial V, LP, a partnership between Venture One and Kovitz Investment Group, has closed on the acquisition of an 31,222 square foot industrial building located at 3 Alsan Way in Little Ferry, New Jersey.
The single tenant building was constructed in 1970 and sits on 1.64 acres of land. It has 4 exterior docks, 1,200 amps of power and parking for 35 cars (1.12 per 1,000 SF). Venture One’s planned improvements include, office renovations, exterior paint, warehouse paint and LED lights.
Following a short leaseback with the Seller, the building will be available for lease in July.
“We are excited about the opportunity to plant a flag in the Meadowlands submarket with 3 Alsan Way. We have confidence in the long term strength of the New Jersey industrial market and will continue to pursue similar acquisitions for the fund,” said Todd Minerley, Market Officer for the Northeast Region.
Justin Kang of Good Neighbor Realty represented the Seller in the transaction. Jeff Chaus and Brian Scheuer of Chaus Realty, LLC represented Venture One in the transaction and will be retained to market the property.
Venture One’s VK Fund V was closed in late 2019 and has over $300 million of buying capacity. The Fund will target industrial acquisitions in Chicago and the Northeast Region.