Rosemont, IL – March 16, 2016 – Venture One Real Estate has closed on the acquisition of a 736,000 square foot, 18 building portfolio located in the Yorkbrook Business Park in Lombard, Illinois. The portfolio consists of 12 industrial properties and six flex office properties and has an overall occupancy of approximately 91%. It is a mixture of both single and multi-tenant properties ranging from 3,600 to 72,000 square feet. Unit sizes range from 1,200 to 44,000 square feet.
Venture One plans to update and refresh the properties. Exterior renovations include resurfacing the parking lots, masonry repairs, roof replacements, façade enhancements and improved signage. Venture One intends to renovate the eleven vacant units on a speculative basis including new paint and carpet in the office, energy efficient lighting upgrades, new bathroom fixtures, and warehouse paint..
Matt Goode, Principal at Venture One stated, “This was a unique opportunity to acquire a critical mass of functional properties at a main and main location within DuPage County. We plan to refresh and modernize the business park, to make it the best location for small bay space in DuPage County. We believe the park will benefit from our hands-on ownership and management.”
Michael Caprile, Ted Staszak, Stephanie Park and Kate Dougherty of CBRE represented the Seller in the transaction.
Sean Henrick and Joseph Gatto of Cushman & Wakefield have been retained by Venture One to market the industrial properties. Michael Simpson and Connor Lund of Cushman & Wakefield have been retained by Venture One to market the flex office properties.