Chicago, IL – Venture One Real Estate through its acquisition fund, VK Industrial III, LP, has closed on a 60,584 square foot building located at 1070 Northpoint Boulevard in Waukegan, Illinois.
1070 Northpoint consists of four units from 9,000 – 20,000 square feet. The building was approximately 50% leased at the time of acquisition. The building has a functional multitenant design with six docks and four drive in doors. The building was built on 4.4 acres of land in 1989 and features masonry construction, 18’ clear height, and heavy parking.
Venture one will complete renovations at the property including office restoration, energy efficient lighting, façade enhancements and parking lot repairs. The available space includes a 9,329 SF unit and a 20,842 SF unit with a fully air conditioned warehouse.
Jeff Provenza of Darwin Realty & Development Corporation represented both parties in the transaction. Jared Paff and Thomas Boyle of Transwestern have been hired to market the property.