Rosemont, IL – May 21, 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 31,222 square foot industrial building located at 3 Alsan Way in Little Ferry, New Jersey.
The single tenant building was constructed in 1970 and sits on 1.64 acres of land. It has 4 exterior docks, 1,200 amps of power and parking for 35 cars (1.12 per 1,000 SF). Venture One’s planned improvements include, office renovations, exterior paint, warehouse paint and LED lights.
Following a short leaseback with the Seller, the building will be available for lease in July.
“We are excited about the opportunity to plant a flag in the Meadowlands submarket with 3 Alsan Way. We have confidence in the long term strength of the New Jersey industrial market and will continue to pursue similar acquisitions for the fund,” said Todd Minerley, Market Officer for the Northeast Region.
Justin Kang of Good Neighbor Realty represented the Seller in the transaction. Jeff Chaus and Brian Scheuer of Chaus Realty, LLC represented Venture One in the transaction and will be retained to market the property.
Venture One’s VK Fund V was closed in late 2019 and has over $300 million of buying capacity. The Fund will target industrial acquisitions in Chicago and the Northeast Region.
Venture One Real Estate
Venture One Real Estate 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 greater Chicago and New Jersey regions. Principals of Venture One have over $7 billion of transactional experience. For further information go to www.VentureOneRE.com.
Kovitz Investment Group
Kovitz Investment Group® (KIG), is an independently-managed, registered investment adviser, founded in 2003. KIG is dedicated to providing best-in-class investment and wealth management solutions for high net worth individuals and their families, family offices, institutions, and financial professionals. For more information, please visit www.Kovitz.com.