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 60,126-square-foot, Class A industrial building. Sited on 3.35 acres, the property is located at 4311 N. Normandy Avenue in Chicago.
The 25-foot clear, precast building was constructed in 1997 and features four exterior docks, one drive-in door and parking expandable to 100 cars. The property is equipped with a class IV sprinkler system, T-5 Lighting and 3,200 amps of power. Venture One plans to complete improvements to the property including demolition, office renovations and warehouse paint.
Following a short leaseback with the seller, the building will be available for lease in January of 2019. The property has 12 years remaining on a recently renewed Class 6B tax incentive. Brett Kroner, Larry Goldwasser and Matt Cowie of Cushman & Wakefield represented the seller in the transaction and will be retained by Venture One to market the property.