Venture One Real Estate LLC, in partnership with DRA Advisors, has closed on a 312,154-square-foot industrial facility located at 2801 S. Western Ave. in Chicago. Venture One has plans to fully renovate the facility which is currently vacant.
The building offers a combination of modern industrial amenities for an infill Chicago location. It features 28-foot to 30-foot clear ceilings, 31 exterior loading docks, 5 acres of outside storage, direct rail access and freezer/cooler space. At 28th Street and Western Avenue the building is located in the heart of the industrial food corridor between Damen and California along I-55.
Sally Macoicz of Cushman and Wakefield represented the seller in the transaction. Macoicz, Larry Goldwasser and Colin Green of Cushman and Wakefield will market the facility for Venture One.
“There is strong demand for high clear height, modern industrial real estate in the city, but in recent years there has been a lack of quality product available. With this project we have a combination of modern amenities in a premier Chicago infill location,” Macoicz said.
Venture One’s renovations will include the demolition of the interior truck court, façade enhancements, new energy efficient lights and new HVAC systems. The facility will be divisible to 75,000 square feet.
Venture One’s project team will include Keeley Construction as the general contractor, Jacob and Hefner for civil engineering, Pease Borst and Associates for structural engineering and Ware Malcomb for architectural services.
Over the past three years Venture One’s acquisition funds have acquired more than 3 million square feet of industrial property in the Chicago market in 30 separate transactions. The firm’s investments have ranged from $1 million to $15 million in size.