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 76,725-square-foot industrial building on 3.52 acres at 4012 Morrison Drive in Gurnee, Illinois. The property is currently vacant.
Venture One purchased the mortgage and note securing the property and took title through the foreclosure process. Tom Boyle of Transwestern represented Venture One in the transaction and will continue to market the property for sale or lease.
The building features 22-foot clear height, an ESFR sprinkler system, 3,600 amps of power, four docks, three drive-in doors and 3,967 square feet of office space. Additionally, the property has nearly half an acre of additional land that is fenced and paved for outside storage. Venture One plans to complete renovations including updating the office space, installing energy-efficient warehouse lighting, painting the warehouse, repaving the parking lot and replacing the roof.
