Venture One Real Estate—through its acquisition fund, VK Industrial IV, LP, a partnership between Venture One and Kovitz Investment Group—has closed on the acquisition of a 171,022-square-foot, two-building industrial portfolio located at 76 Bradrock Drive and 31 E Oakton Street in Des Plaines, Illinois. Both properties were vacant at acquisition.
76 Bradrock Drive sits on 3.81 acres of land and features 20.5-foot clear height, six docks and one drive-in door. The 100,306-square-foot, single-tenant building is equipped with a wet sprinkler system and parking for 86 cars. 31 E Oakton Drive sits on 2.54 acres and features 24-foot clear height, four docks and one drive-in door. The 70,716-square-foot, single-tenant building is equipped with 8,490 square feet of office space and parking for 99 cars.
Jack Rosenberg and Ned Frank of Colliers International represented the seller in the transaction and will be retained by Venture One to market the properties for sale or lease. Prior to closing, Venture One received a 6B tax incentive for the properties. Venture One plans to complete make-ready improvements including façade enhancements, office renovations, warehouse paint and lights and sealcoating the parking lots.