Venture One Real Estate, through its acquisition fund, VK Industrial IV, LP, a partnership between Venture One and Kovitz Investment Group, has closed on two separate industrial transactions in the Chicago market: a 51,682-square-foot, two building acquisition in Mundelein and a 55,565 square foot building in Addison.
The first acquisition, located at 300 Washington Avenue and 1023 High Street in Mundelein, Illinois, is comprised of multi-tenant buildings on three acres of land constructed in 1987. The property has 19 units ranging from 1,792 to 5,887 square feet. Each unit has a drive-in door or access to common area loading.
The buildings are 86 percent leased to 16 tenants. Gary Wool of Wool Finance Partners represented the seller in the transaction while Ryan Kehoe and John Sharpe of Lee & Associates have been retained by Venture One to market the properties.
Located on 2.19 acres at 466 Vista Avenue in Addison, Illinois, the second transaction was for a single-tenant building, 100 percent leased at acquisition. The property, constructed in 1965 and expanded in 1988, features four exterior docks, one drive-in door and 4,087 square feet of office space. Adam Marshall and Boris Shraybman of Newmark Knight Frank represented the seller in this transaction.