Venture One Purchases 643,617 SF Facility in Romeoville

Chicago – Venture One Real Estate, LLC in Partnership with DRA Advisors has closed on a 643,617 square foot industrial facility located at 1300 Naperville Drive in Romeoville, IL. The acquisition is one of the largest industrial transactions year-to-date in the Chicago market. The property was acquired from Sharp Electronics, who will lease back the entire facility on a short term basis. Venture One plans to renovate and reposition the building following Sharp’s exit and will be marketing spaces between 100,000 and 643,617 square feet.
The building is located in the center of the I-55 corridor in Marquette Business Park. Constructed in 1979 and renovated and expanded in 1993, it has had only had two occupants, Sharp Electronics and Lowery Organ. The property’s existing amenities include 10 acres of surplus land, 15,000 Amps of power, 400,000 square feet of air conditioned space, up to 100,000 square feet of high quality office, a furnished/wired call center, and a functional data room with fiber and dry sprinklers. Venture One’s renovations will include additional loading docks, façade enhancements, the construction of up to 224 secured trailer parking positions, and energy efficient lighting.

Matt Goode, Principal with Venture One stated, “This asset provided the opportunity to acquire a well located building, in the heart of the I-55 submarket, with significant above standard improvements. The property offers a combination of amenities that cannot be found anywhere else in the Chicago market. We are already seeing strong activity from both full and partial building users who can take advantage of these amenities.”

Michael Tenteris, James Carpenter, Jason West and Sean Henrick of Cushman and Wakefield represented the seller in the transaction. Sean Henrick and Jason West will market the facility for Venture One.
“The I-55 Industrial Submarket experienced tremendous absorption over the past 36 months and given the lack of new construction, the vacancy rate is at a historic low. The timing is ideal to secure new tenants at this property,” said Jason West, Senior Director for Cushman & Wakefield in Chicago.

Venture One Real Estate

Venture One is a real estate private equity fund manager, developer and operating company specializing in the industrial property sector. Headquartered in Chicago, Venture One manages a series of discretionary value-add investment funds that target opportunities throughout the Chicago MSA and Northeast Industrial Region. Principals of Venture One have over $7 billion of transactional experience. For further information go to www.VentureOneRE.com.

DRA Advisors

DRA Advisors LLC is a New York-based registered investment advisor with approximately 95 employees specializing in real estate investment management services for institutional and private investors, including pension funds, university endowments, sovereign wealth funds, foundations, and insurance companies.  Since DRA was founded in 1986, the firm has opened additional offices in Miami and San Francisco while acquiring over $38 billion of real estate.  The acquisitions include 85 million square feet of industrial, 65 million square feet of office, 87 million square feet of retail and 85,000 multifamily units.  As of December 31, 2022, DRA has $13.3 billion in gross assets under management. http://draadvisors.com