CHICAGO – Venture One Real Estate, LLC, through its acquisition fund, VK Industrial I, LP, has closed on a vacant 110,063 square foot building at 171 Covington Drive in Bloomingdale, Illinois. The building is located just west of Gary Avenue, three miles south of the Elgin/O’Hare Expressway, adjacent to the Stratford Square Mall.
The property was previously occupied by CTS Corporation, and used as a call center and cell phone chip production facility. The high image facility is fully air conditioned, has a 4,000 amp power service, 22’ clear height, fiber availability, low voltage distribution and a 1,500 SF data room. The nearly 8 acre site allows for 3.25/1,000 car parking which can be expanded to over 500 cars.
Venture One will be completing building improvements including a new roof, exterior and interior paint, and new energy efficient lighting. “We are excited about the opportunity to re-introduce 171 Covington to the marketplace. The combination of power, HVAC capacity, data capabilities, parking, location and image make this building a remarkable opportunity for a tenant,” said Matt Goode, Principal with Venture One.
The building will be marketed by Ken Franzese, John Sharpe and John Cassidy of Lee and Associates. According to Franzese, “The building’s unique set of amenities cater to a wide range of tenants in the market including call centers, manufacturing companies, and food companies.”
Lee and Associates represented the Seller in the sale of the Property. Building improvements will be completed by ARCO/Murray National Construction, Inc.
Venture One’s VK Industrial fund has acquired approximately 1,310,000 square feet of industrial property in 20 separate transactions 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.