CHICAGO –Venture One Real Estate, LLC in Partnership with DRA Advisors has closed on a 312,154 square foot industrial facility located at 2801 South Western Avenue in Chicago, Illinois. Venture One has plans to fully renovate the facility which is currently vacant.
The building offers a rare combination of modern industrial amenities for an infill City of Chicago location. It features 28’-30’ clear ceilings, 31 exterior loading docks, 5 acres of outside storage, direct rail access and freezer/cooler space. At 28th Street and Western Avenue the building is located in the heart of the industrial food corridor between Damen and California along I-55.
Sally Macoicz of Cushman and Wakefield represented the seller in the transaction. Sally Macoicz, Larry Goldwasser and Colin Green of Cushman and Wakefield will market the facility for Venture One.
“There is strong demand for high clear height, modern industrial real estate in the city, but in recent years there has been a lack of quality product available. With this project we have a combination of modern amenities in a premier Chicago infill location.” said Macoicz.
Venture One’s renovations will include the demolition of the interior truck court, façade enhancements, new energy efficient lights and new HVAC systems. The facility will be divisible to 75,000 square feet.
Venture One’s project team will include Keeley Construction as the general contractor, Jacob and Hefner for civil engineering, Pease Borst and Associates for structural engineering and Ware Malcomb for architectural services.
Over the past three years Venture One’s acquisition funds have acquired over 3,000,000 square feet of industrial property in the Chicago market in 30 separate transactions. The firm’s investments have ranged from $1 million to $15 million in size.
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.
DRA Advisors is a registered investment advisor specializing in real estate investment and management services for institutional and private investors. DRA currently has over $10.5 billion in assets under management.