Venture One Real Estate has acquired the 40,000-square-foot industrial facility at 120 Fairbank St. in Addison, Illinois.
A private seller sold the property, which was built in 1979, for an undisclosed price. It consists of six exterior docks, three drive-in doors, 1,500 square feet of office space, and is divisible to 15,914 square feet, with Interstate 355 roughly a mile west of the building.
Venture One plans to implement a capital improvement program that will include a new parking lot, roof and landscaping, as well as updated lighting and a complete rehabilitation of the existing office space.
Transwestern Principal Justin Lerner, SIOR, and Senior Director Joe Karmin represented the seller in the transaction and were retained to provide leasing services for the new ownership.
“As this facility lends itself to users of various sizes and across multiple industries, we expect it to receive a significant amount of occupier interest,” said Lerner. “We’re looking forward to continuing our relationship with Venture One and hope to lease the 39,819 square feet of available space quickly.”