Venture One Real Estate LLC, through its acquisition fund, VK Industrial I, LP, has closed on a vacant 110,063-square-foot building at 171 Covington Drive in Bloomingdale. The building is located just west of Gary Avenue, three miles south of the Elgin/O’Hare Expressway, adjacent to the Stratford Square Mall.
The property was previously occupied by CTS Corp. and used as a call center and cell phone chip production facility. The high image facility is fully air conditioned, has a 4,000 amp power service, 22-foot clear height, fiber availability, low voltage distribution and a 1,500-square-foot data room. The nearly 8-acre site allows for 3.25/1,000 car parking that can be expanded to more than 500 cars.
Venture One will be completing building improvements including a new roof, exterior and interior paint, and new energy efficient lighting.
The building will be marketed by Ken Franzese, John Sharpe and John Cassidy of Lee and Associates.
Lee and Associates represented the seller in the sale of the property. Building improvements will be completed by ARCO/Murray National Construction Inc.
Venture One’s VK Industrial fund has acquired approximately 1.3 million square feet of industrial property in 20 separate transactions in the Chicago market since opening in September of 2010.