CHICAGO, IL – Venture One Real Estate through its acquisition fund, VK Industrial III, LP, has closed on a 60,584 square foot building located at 1070 Northpoint Boulevard in Waukegan, Illinois.
1070 Northpoint consists of four units from 9,000 – 20,000 square feet. The building was approximately 50% leased at the time of acquisition. The building has a functional multitenant design with six docks and four drive in doors. The building was built on 4.4 acres of land in 1989 and features masonry construction, 18’ clear height, and heavy parking.
Venture one will complete renovations at the property including office restoration, energy efficient lighting, façade enhancements and parking lot repairs. The available space includes a 9,329 SF unit and a 20,842 SF unit with a fully air conditioned warehouse.
Jeff Provenza of Darwin Realty & Development Corporation represented both parties in the transaction. Jared Paff and Thomas Boyle of Transwestern have been hired to market the property.
Venture One’s VK Industrial funds have acquired over 5,000,000 square feet of industrial property in over 50 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.