Venture One fund adds to its Chicagoland portfolio with two acquisitions

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 160,012-square-foot, two-building industrial portfolio. The properties are located at 1020 Frontenac Road in Naperville and 1850 Greenleaf Avenue in Elk Grove Village, Illinois.

The Naperville property features 23-foot clear height, eight docks, one drive-in door and parking for 79 cars. The 99,773-square-foot building is equipped with 2,000 amps of power, wet sprinkler system and 9,794 square feet of office space. The single-tenant building is 100 percent leased.

Vacant at the time of acquisition, the Elk Grove Village property features 16-foot clear height, 11 exterior docks, two drive-in doors and parking for 37 cars. The 60,239-square-foot building is equipped with T-5 lighting, wet sprinkler system and 10,460 square feet of office space.

Prior to closing, Venture One received a 6B tax incentive for the property. Venture One plans to complete make-ready improvements including façade enhancements, landscaping upgrades, office renovations, painting the warehouse as well as parking lot and truck court repairs.

Jason Lev, John Suerth and Jimmy Kowalczyk represented the seller in the transaction and will be retained by Venture One to market the 1850 Greenleaf Property.