Venture One Real Estate LLC, through its acquisition fund VK Industrial I, LP, has closed on an industrial building located at 1085 Peace Road, DeKalb. The amount of the sale was not disclosed.
The building is a 146,740-square-foot manufacturing and distribution facility that was constructed in 2001. The building will be occupied by Joseph T. Ryerson & Sons Inc. on a long-term lease.
The seller, Timberline Building Enterprises LLC was represented by Steven Milner of Milner & Associates based in DeKalb. Chris Pontarelli with Competitive Property Solutions, Kathy Bellinger with Daum Commercial Real Estate and Sally Macoicz with Cushman Wakefield of Illinois represented Joseph T. Ryerson & Son Inc. in the negotiation of the long-term lease.
The purchase marks the 15th acquisition of Venture One’s VK Industrial Fund I, which opened in September of 2010 for the purpose of acquiring industrial properties in the Chicago metropolitan area. The fund has acquired approximately 1.1 million square feet of industrial property in 15 separate transactions.
