Venture One Real Estate LLC, through its acquisition fund VK Industrial I, LP, has closed on a 62,305-square-foot building at 1225-1229 Lakeside Drive in Romeoville, and separately on a 25,000-square-foot building at 189-191 Seegers Ave. in Elk Grove Village.
1225-1229 Lakeside Drive is located in the Marquette Business Park in Romeoville. It was built in 2000 and features 25-foot clear ceilings, eight exterior loading docks and parking for up to 81 cars. Venture One has executed a long-term lease with Tekkra Systems for approximately half of the building, expanding their space from 15,691 square feet to 30,999 square feet. Terry Grapenthin and Josh Hearne of Cawley Chicago Commercial represented Venture One in the building purchase and lease. Michael Robbins of NAI Hiffman represented Tekkra Systems in the lease transaction and Linda Durec of Century 21 T. K. Realty represented the seller in the sale of the building.
The remaining 31,306 square feet will be marketed for lease by Cawley Chicago Commercial. Venture One will complete significant building upgrades including exterior and interior painting, façade and landscaping enhancements, parking lot repairs, and new energy efficient lighting throughout.
189-191 Seegers Avenue is located in the Centex Industrial Park in Elk Grove Village. The building had been vacant, and simultaneous to closing Venture One executed a long-term lease with Midco-Bay Insulation for the entire facility. John Hamilton and Thomas Condon of Colliers International represented the seller in the transaction. Pete Roberson of CBRE represented Venture One in the acquisition and Midco-Bay Insulation in the lease transaction.
Venture One’s VK Industrial fund has acquired approximately 1.2 million square feet of industrial property in 17 separate transactions in the Chicago market since opening in September of 2010.