Chicago – Venture One Real Estate, LLC, through its acquisition fund, VK Industrial I, LP, has closed on two industrial buildings in the Chicago area. The buildings are located at 420 West Wrightwood in Elmhurst and 3100 Tollview Drive in Rolling Meadows.
420 West Wrightwood is a 17,441 square foot building which is 100% leased. The building was purchased from Progressive Properties. Venture One was represented by Sean Henrick and Mike Magliano of Cushman and Wakefield.
3100 Tollview Drive is a 31,720 square foot building which had been vacant. Venture One, in cooperation with ownership, was able to secure a 6b tax classification for the property and lease it to NSORO, a division of MasTec (NYSE: MTZ). Elise Couston and Les Spinner of Paine/Wetzel represented ownership in the sale and lease transactions. Joseph Grace and Chad Bermingham of CresaPartners represented NSORO in the lease transaction. “This transaction would not have been possible without the hard work and creativity of Paine/Wetzel, CresaPartners, the City of Rolling Meadows and NSORO. We are very happy to be able to bring a quality company like NSORO to a great community like Rolling Meadows,” said Steve Goode, Principal at Venture One.
These purchases mark the fourth and fifth acquisitions 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 250,000 square feet of industrial property in five separate transactions since September of 2010.