Venture One Real Estate, through its VK Industrial II acquisition fund, has closed on two industrial buildings in Buffalo Grove and Naperville totaling 158,189 square feet.
The buildings are the first two acquisitions for Venture One's recently opened fund, which has the capacity to purchase over 2 million square feet of industrial property in the Chicago market over the next 24 to 48 months. The properties, located at 901-951 Corporate Grove Drive in Buffalo Grove and 1560 Frontenac in Naperville, were purchased in separate transactions.
The Buffalo Grove building is a high-image 72,600 square foot two-tenant facility which features 18-foot ceilings, 20,000 square feet of corporate office space, heavy power and 2 acres of surplus land.
At closing, a lease was completed with RAM Racing for 36,300 square feet. The building will serve as their corporate office headquarters and warehouse.
The remaining 36,300 SF is available for lease. Venture One will be completing building improvements including new paint and carpet, parking lot repairs and a new roof. Venture One will also be marketing the adjacent 2 acre land site for build-to-suit. The site can accommodate up to a 30,000 square foot high-image industrial facility.
Jack Rosenberg, Fred Regnery and Ned Frank of Colliers International represented the seller in the transaction and will be kept on by Venture One to market the available space.
The Naperville building is an 85,589 square foot facility that is leased to ProSort, a division of Microdynamics. The building is 22' clear, has 6 loading docks, a 2,000 amp power service and fully air-conditioned warehouse. The building sits on a 4.95 acre site and is expandable.
David Friedland of Newmark Knight Frank Epic represented the seller in the transaction.