Venture One Real Estate—through its acquisition fund, VK Industrial V, LP, a partnership between Venture One and Kovitz Investment Group—has closed on the acquisition of a 17,900-square-foot industrial building located at 1161 S. Northpoint Boulevard in Waukegan, Illinois. The property was vacant at acquisition.
The single-tenant building was constructed in 2000 and sits on 1.10 acres of land. It has two exterior docks, one drive-in door, 31 car parking and approximately 2,476 square feet of office. Venture One’s planned improvements include office renovation, demolition, exterior and interior paint, warehouse lights and general cleanup.
Ralph Huszagh of JC Forney Realty, Inc. represented the seller in the transaction and will be retained by Venture One to market the property.