CHICAGO – Venture One Real Estate, LLC, through its acquisition fund, VK Industrial I, LP, has closed on three industrial buildings in separate transactions totaling 211,363 square feet. The buildings are located at 24035 Riverwalk Court in Plainfield, 3575 Morreim Drive in Belvidere and 1463 Lunt Avenue in Elk Grove Village.
24035 Riverwalk Court is a 97,200 square foot manufacturing and distribution building. The purchase included a renegotiation and extension of the lease with existing tenant, Plainfield Molding Inc. The building is a Class A manufacturing building which features 24’ clear ceilings, an ESFR sprinkler system, fully air conditioned warehouse, and 3,000 amp power service. It can be expanded by 40,000 square feet and has the ability to be rail served. It was built in 1989 as a build-to-suit for Plainfield Molding. The seller, PMI Venture LLC, was represented by Michael Tenteris of NAI Hiffman.
3575 Morreim Drive, in Belvidere, IL is a 100,000 square foot manufacturing building located in Belvidere Industrial Park, adjacent to Interstate 90, within one mile of the Chrysler plant. The building was constructed in 2000 and expanded in 2007. The building has 27-30’ clear ceilings, four cranes ranging from 10 to 30 tons and 2,000 amp power service. Venture One purchased the building in a sale-leaseback transaction with Corrugated Metals Company who signed a lease for the entire facility. Corrugated Metals was represented by Emmett Gray of Whitehead Realtors of Rockford, IL. Venture One was represented by Sally Macoicz of Cushman and Wakefield. “As a result of our flexible ownership and capital structure, we were able to coordinate a purchase and execute a lease within a short time-frame.” said Steve Goode, a Principal at Venture One Real Estate.
1463 Lunt is a 14,163 square foot office/warehouse facility located in the heart of the Centex Industrial Park in Elk Grove, IL. The building is 100% lease to GP Logistics. The seller, Theydon Enterprises, LLC, was represented by Phil Reiff, Sr. and Phil Reiff, Jr. of Paine/Wetzel Oncor International.
Venture One’s VK Industrial I Fund has acquired 700,000 square feet of industrial property in the Chicago market since opening in September of 2010.
Venture One Real Estate, LLC is a Chicago-based national commercial real estate company that acquires, develops, leases, and manages industrial and office properties on its own behalf and on behalf of investment partners. Venture One also provides real estate advisory services to buyers and sellers of investment properties and portfolios on a national basis.