Rosemont, IL – August 10, 2020 – Venture One Real Estate through its acquisition fund, VK Industrial V, LP, a partnership between Venture One and Kovitz Investment Group, has closed on the acquisition of an 107,107 square foot industrial building located at 116 Lehigh Drive in Fairfield, New Jersey. The property was vacant at acquisition.
The single tenant building was constructed in 1986 and sits on 8.16 acres of land. It has 9 exterior docks, 3,600 amps of power and two backup generators. The fully air conditioned property is equipped with an ESFR sprinkler system and parking for 187 cars (1.74 per 1,000 SF). Venture One’s planned improvements include, office renovations, demolition, and a parking lot overlay.
Noah Balnoff, Jacquelyn Severino and Chris Haenn of Colliers International represented the Seller in the transaction and will be retained to market the property.