Venture One Real Estate through its acquisition fund, VK Industrial VII, LP, has closed on the acquisition of a 97,073-square-foot multi-tenant industrial building located at 8500 W. 185th Street in Tinley Park, Illinois. The multi-tenant property was 44% leased at closing.
The building was constructed in 2004 and is currently demised into five units. It features 13 exterior docks, six drive-in doors, and has parking for over 162 cars.
The three vacant units range from 16,566 to 20,924 square feet, each with 1,236 to 3,291 square feet of office space. Each unit provides access to two or three dedicated exterior docks and one drive-in door, along with electrical service ranging from 400 to 1,400 amps. The building is fully air-conditioned and equipped with an ESFR sprinkler system.
Venture One plans to complete make-ready improvements to the vacant units including office renovations, painting, energy efficient lights, and parking lot paving.
Josh Hearne of Cawley Commercial Real Estate represented the seller in the transaction and has been retained 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.
