CHICAGO – Venture One Real Estate, LLC, through its acquisition fund, VK Industrial II, LP, has closed on a 161,400 square foot portfolio of two industrial buildings located a 3211 Oak Grove Avenue in Waukegan, Illinois and 1940 USG Drive in Libertyville, Illinois.
3211 Oak Grove Avenue is a 112,896 square foot modern distribution building that is approximately 50% leased. It features precast construction, 30′ clear ceilings, 12 exterior docks, 2 drive-in-doors, and an ESFR sprinkler system.
Venture One plans to renovate and refresh the property at 3211 Oak Grove by demising the building, constructing approximately 1,600 square feet of spec office for the available space, installing new energy efficient lighting, and painting the interior and exterior.
1940 USG Drive is a rare, 48,529 square foot free standing, distribution and manufacturing building. It is located in the Libertyville Business Park just east of US Route 45. The building features 24’ clear ceilings, 4 exterior docks, 1 drive-in-door, 100 car parking, ESFR sprinklers and a 1200 amp power service.
Renovations at the property include office improvements and new energy efficient lighting.
Greg Power of Power Realty Advisors represented the seller in the transaction. Fred Regnery, Ned Frank, and Jack Rosenberg represented Venture One in the acquisition and have been hired to market the properties. Both properties are available for lease or sale.
Venture One’s VK Industrial funds have acquired over 4,400,000 square feet of industrial property in over 35 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 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.