Chicago, IL – Venture One Real Estate in partnership with DRA Advisors has closed on a 718,761 square foot industrial building at 25850 S Ridgeland Avenue in Monee, Illinois.
The building is currently leased to Michelin North America, Inc, the world’s largest manufacturer of tires who will be vacating for a new building in Wilmington, Illinois.
The bulk distribution center was built in 2004 on 44 acres of land. The building features 30’ clear height, T-5 lighting, an upgraded ESFR sprinkler system, parking for 100 trailers and has cross dock capability.
The property is part of a 12 year TIF district which will abate 80% of the property taxes over that time period.
CBRE’s investment sales team lead by Michael Caprile, Ted Staszak and Stephanie Park represented the seller in the transaction. The CBRE team of Traci Buckingham and John Suerth have been retained to market the building for Venture One.
“This building provided the opportunity for us to acquire a Class A building in a strong market for distribution. The TIF will allow us to deliver a gross rental rate that is very competitive for the market,” stated Matt Goode, Principal with Venture One Real Estate.