Rosemont, IL – January 4, 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 363,027 square foot industrial building on 37.43 acres located at 800 S. Northpoint Road in Waukegan, Illinois. The property was the former headquarters for WMS Industries.
The 24’ clear precast building was originally constructed in 1995 and expanded in 1998 and 2007. The building contains 93,773 SF of two-story high quality office and 262,546 SF of warehouse space that is fully air-conditioned and features T-5 lighting, ESFR sprinklers, 8,000 amps of 480 volt power, 26 exterior docks, 6 drive-in doors, and 685 car parking spaces. Additionally, the property contains a data center, back-up generator and AT&T fiber. The property is divisible down to 100,000 SF.
Matt Goode, Principal at Venture One stated, “This was a unique opportunity to acquire an asset with rare combination of amenities within an institutional business park. The high image facility will cater to the corporate tenants within Lake County and the building’s abundant parking and easily divisible floor plan allows for us to accommodate a wide range of tenants.”
Chris Volkert, Fred Regnery and Alain LeCoque of Colliers International represented the Seller in the transaction and will be retained by Venture One to market the property along with Brendan Green from Colliers.
800 S Northpoint is the first acquisition within Venture One’s VK Industrial IV, LP. The fund is the fourth of a series of funds managed by a partnership of Venture One Real Estate and Kovitz Investment Group. VK Industrial IV, LP will continue the successful investment strategy of the previous funds in the series, targeting industrial real estate investments in the Chicago market and central region averaging between $1 and $50 million in size.