In a nearly $369 million transaction, Rosemont-based Venture One Real Estate has formed a joint venture with New York-based DRA Advisors to recapitalize a 2.8 million-square-foot industrial portfolio, which comprises properties in Chicagoland, New Jersey and Philadelphia.
The venture bought the portfolio from a Venture One investment fund that acquired the properties starting in 2019 and though it encompasses properties of all sizes, it’s no small deal, according to Crain’s.
Demand for warehouse space remains record high, but fewer properties are trading as higher interest rates have pushed borrowing costs up and investment returns down. Total U.S. industrial sales volume fell to $142 billion in the 12 months through February, Crain’s reported, down 24% from the prior 12-month period.
Properties within the portfolio include a 37,000-square-foot building at 1429 Shields Drive in Waukegan, Illinois, and a 489,000-square-foot building at 601-605 Kingsland Drive in Batavia, Illinois, with others scattered around Romeoville, Bensenville, Elk Grove Village and St. Charles.
