2/12/15

Venture One Purchases 718,761 Square Foot Industrial Building in Monee, Illinois

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.

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 was founded in 1986 and is a Registered Investment Advisor that specializes in real estate investment and management for institutional investors and manages $10 billion of assets. As of 9/30/17, DRA funds own 560 properties across the United States, including 39 million square feet of industrial, 30 million square feet of retail, 13 million square feet of office, and 13,000 multifamily units. DRA is headquartered in New York City, with regional offices in San Francisco and Miami. For more information, visit www.draadvisors.com.