Chicago – Venture One Real Estate, LLC, through its acquisition fund, VK Industrial I, LP, has closed on two industrial buildings in Elgin, Illinois totaling 216,717 square feet. The buildings, which were purchased in separate transactions, are located at 1875 Holmes Road and 1355 Holmes Road.
1875 Holmes Road is a 134,415 square foot manufacturing and distribution building which is 100% leased to Amtec Precision Products, Inc., a subsidiary of UCAL Fuel Systems Ltd. AMTEC is one of the leading independent manufacturers of high precision metal parts for automotive, diesel engine, and capital equipment and other industrial applications. They have occupied the building since 1989. The building is fully air conditioned, has T-8 lighting throughout the warehouse and has 170 car parking.
1355 Holmes Road is an 82,302 square foot vacant manufacturing and distribution facility. The building which was built in 1975 and expanded in 1999 sits on 4.56 acres and features 18-22′ clear heights, up to 147 car parking, and a 7,700 amp 277/480 dual power service. The facility is located just south of I-90 approximately one mile from both the Route 31and Randall Road exits. Venture One will improve the property with the addition of energy efficient T-5 lights, a new roof, sealed warehouse floors, new HVAC systems, and office renovations. The property will be marketed for lease or sale and is divisible to 39,900 square feet. Venture One will be appointing Bruce Granger of Grubb and Ellis as the exclusive agent to market the building.
These purchases mark the seventh and eight acquisitions of Venture One’s VK Industrial fund. The fund has acquired 500,000 square feet of industrial property in the Chicago market since opening in September of 2010.