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 265,644-square-foot industrial building located at 605 Tri State Parkway in Gurnee, Illinois. The property was vacant at acquisition.
The building was constructed in 2005 and sits on 16.91 acres of land. It features 35-foot clear height, 22 exterior docks (expandable), two drive-in doors, an ESFR sprinkler system and 20,744 square feet of office space. The property is fully air conditioned, has 4,000 amps of power and a 4,250-amp backup generator. It has frontage on I-94 and has an additional 3.25 acres that can accommodate up to 638 car parking, truck parking or a pad ready for a 91,634-square-foot building expansion.
Prior the Venture One’s acquisition, the building was utilized for pharmaceutical distribution. As such, it is equipped with secure loading, temperature regulation and pharmaceutical vaults rated for the storage of controlled substances. The building is being marketed with the pharmaceutical improvements in place or removed. Venture One plans to complete make-ready improvements including office renovations, exterior paint and a parking lot sealcoat.
Steve Trapp and Joe Colletti of JLL represented the seller in the transaction. Trapp and Sam Durkin will be retained by Venture One to market the property.