Venture One Real Estate through its acquisition fund, VK Industrial VII, LP, has closed on the acquisition of a 59,578 square foot multi-tenant industrial building located at 1040-1060 E High Street in Mundelein, Illinois. The multi-tenant property was 34% leased at closing.
The building was constructed in 1979 and is currently demised into three units. It features six docks, three drive-in doors, and has parking for over 89 cars.
The two vacant units range from 19,770 to 19,934 square feet, each including approximately 1,500 square feet of office space. Both units offer access to two dedicated docks and one drive-in door, with electrical service ranging from 400 to 1,200 amps.
Venture One plans to complete several make-ready improvements to the vacant units including office renovations, warehouse painting, installing drive-in doors, and landscape enhancements.
Pat Sullivan and Arthur Glowinski of NAI Hiffman represented the seller in the transaction. Marc Samuels and Eric Fischer of Cushman & Wakefield have been hired to market the property for lease.
VK Industrial VII is co-sponsored by Venture One Real Estate and Kovitz Investment Group. The fully discretionary fund targets industrial acquisitions in the Chicago, Northeast and Florida markets.
