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 four-site, fully paved and fenced logistics portfolio located in Chicago MSA. The portfolio is fully leased to a national school bus fleet operator.
Jeff Devine, Steve Disse and Tyler Ziebel of Colliers International represented the seller, CenterPoint Properties, in the transaction. Terms of the deal were not disclosed.
The sites are 22W760 Poss Street in Glen Ellyn, Illinois, 250 W. 63rd Street in Westmont, Illinois, 1000 Swanson Drive in Batavia, Illinois and 425 N. Villa Avenue in Villa Park, Illinois. All four sites are fully leased to Laidlaw/First Services, a long-term tenant and the country’s largest bus fleet operator.
“These bus terminals have produced consistent cash flow from this long-time tenant for more than 23 years,” said Devine, a principal with Colliers Chicago. “Several qualified investors not only appreciated this stability of the portfolio but also the flexibility and value created by the zoning of each site. Venture One was a great choice as a purchaser and executed the sale in less than 30 days from agreeing to terms. Selling to a top-notch Chicago based operator allowed the process to go very smoothly.”
The infill portfolio is well located within DuPage and Kane Counties. In aggregate, the sites total approximately 25 acres and can accommodate over 667 trailers/buses, van storage and fleet maintenance. Each site is equipped with a maintenance/repair facility with drive-in bays, floor drains and existing office.
The transaction marks Venture One’s third industrial outdoor storage acquisition of 2020. In early October, Venture One closed on 9.40-acre maintenance/repair facility located at 1521 Admiral Wilson Boulevard in Camden, New Jersey and a 7.44-acre site located at 11316 70th Place in Indian Head Park, Illinois.
