Rosemont, IL – October 17, 2016 – Venture One Real Estate (“Venture One”) in a joint venture with Stockbridge Capital Group announced today that they have commenced construction on a 271,700 square-foot distribution building at 1200 S Schmidt Road in Romeoville, IL. Situated in the heart of the I-55 submarket, the building is located less than two miles from the Bolingbrook Drive interchange. The state of the art facility is being developed on a speculative basis and is able to accommodate an array of tenant sizes and uses. Amenities such as 32’ clear height, ESFR sprinklers, 185 foot truck court and abundant car and trailer parking for up to 56 trailers and 200 autos have been incorporated into the design of this building.
“Venture One and Stockbridge are very excited to announce the commencement of this project,” said Ryan Stoller, Principal at Venture One. “Located on one of the last true infill parcels within the I-55 submarket, this building will offer immediate access to I-55 via the Bolingbrook Drive or Weber Road interchanges. With a vacancy rate of just 7% and over 4.5 million square feet of positive absorption year to date, the I-55 corridor continues to be one of the strongest submarkets in the region.”
Meridian Design Build will serve as the design-builder with Ware Malcomb as architect on the project. MB Financial will provide the construction financing. Keith Stauber, Steve Ostrowski and Matt Rakowich of JLL are the agents for the building, scheduled for completion in the summer of 2017.
About 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 Midwest, owns and manages over 6 million square feet and controls over 1,100 acres of land in corporate business parks in the greater Chicagoland area. Principals of Venture One have over $6 billion of transactional experience. For more information, visit www.VentureOneRE.com.