CHICAGO –Venture One Real Estate, LLC in Partnership with DRA Advisors has closed on a 643,617 square foot industrial facility located at 1300 Naperville Drive in Romeoville, IL. The acquisition is one of the largest industrial transactions year-to-date in the Chicago market. The property was acquired from Sharp Electronics, who will lease back the entire facility on a short term basis. Venture One plans to renovate and reposition the building following Sharp’s exit and will be marketing spaces between 100,000 and 643,617 square feet.
The building is located in the center of the I-55 corridor in Marquette Business Park. Constructed in 1979 and renovated and expanded in 1993, it has had only had two occupants, Sharp Electronics and Lowery Organ. The property’s existing amenities include 10 acres of surplus land, 15,000 Amps of power, 400,000 square feet of air conditioned space, up to 100,000 square feet of high quality office, a furnished/wired call center, and a functional data room with fiber and dry sprinklers. Venture One’s renovations will include additional loading docks, façade enhancements, the construction of up to 224 secured trailer parking positions, and energy efficient lighting.
Matt Goode, Principal with Venture One stated, “This asset provided the opportunity to acquire a well located building, in the heart of the I-55 submarket, with significant above standard improvements. The property offers a combination of amenities that cannot be found anywhere else in the Chicago market. We are already seeing strong activity from both full and partial building users who can take advantage of these amenities.”
Michael Tenteris, James Carpenter, Jason West and Sean Henrick of Cushman and Wakefield represented the seller in the transaction. Sean Henrick and Jason
West will market the facility for Venture One.
“The I-55 Industrial Submarket experienced tremendous absorption over the past 36 months and given the lack of new construction, the vacancy rate is at a historic low. The timing is ideal to secure new tenants at this property,” said Jason West, Senior Director for Cushman & Wakefield in Chicago.
Over the past three years Venture One’s acquisition funds have acquired over 2,200,000 square feet of industrial property in the Chicago market in 25 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.