Venture One acquires Wheeling industrial building

ROSEMONT - Venture One Real Estate, through its acquisition fund VK Industrial III, has acquired a 60,900 square foot vacant industrial building at 1019 Noel Ave. in Wheeling.

Terms of the acquisition were not announced.

The single tenant industrial building sits on a 2.8 acre site and is located just west of I-294 between Dundee and Palatine roads. Amenities of the building include four loading docks, three drive-in-doors, 17-foot to 19-foot clear height and 7,500 square feet of high-image office.

Venture One obtained a 6B tax incentive from the Village of Wheeling and has plans to extensively renovate the building. Upgrades will include the demolition of interior warehouse walls, new energy efficient lights, paint in the office and warehouse, as well as a resurfaced parking lot.

Randy Olczyk and Ray Okigawa of Chicagoland Commercial Real Estate represented Venture One on the acquisition and will be retained to continue marketing the facility for lease or sale. Terry Grapenthin and Ryan Kehoe of Lee and Associates represented the seller.