Rosemont, IL – May 23, 2017 – Venture One Real Estate through its acquisition fund, VK Industrial IV, LP, a partnership between Venture One and Kovitz Investment Group, has closed on the acquisition of a 67,310 square foot industrial building on 2.07 acres located at 1112 N Homan Avenue in the Humboldt Park neighborhood of Chicago, Illinois. The property was vacant at acquisition.
The building has 3 loading docks, 2 drive-in doors and parking for 50 cars. Venture One will be renovating the office and warehouse and adding high efficiency lighting throughout. The property comes with 4 city lots across the street which can be used for additional storage or parking.
“Many of Chicago’s historically industrial neighborhoods such as the West Loop, Goose Island and Clybourn Corridor are being redeveloped for alternative uses such as retail, mixed use and office which is leading to a lack of functional industrial product within the city limits. We believe that there is a great opportunity to reposition well located, functional industrial buildings, like 1112 N Homan, for modern industrial users such as last-mile ecommerce tenants, companies looking for access to labor, and industrial tenants being displaced out of these changing neighborhoods,” said Matt Goode, Principal with Venture One Real Estate.
Larry Goldwasser, Colin Green and Matt Cowie of Cushman & Wakefield will market the property for Venture One.