Venture One breaks ground on speculative building in Romeoville
ROMEOVILLE - Venture One Real Estate, in a joint venture with Stockbridge Capital Group, has started construction on a 271,700 square-foot distribution building at 1200 S Schmidt Road in Romeoville.
Situated in I-55 submarket, the building is located less than two miles from the Bolingbrook Drive interchange. The facility is being developed on a speculative basis and is able to accommodate an array of tenant sizes and uses. Amenities such as 32-foot clear height, ESFR sprinklers, 185 foot truck court and abundant car and trailer parking for up to 56 trailers and 200 autos have been incorporated into the design of this building.
"With a vacancy rate of just 7 percent and over 4.5 million square feet of positive absorption year to date, the I-55 corridor continues to be one of the strongest submarkets in the region." said Ryan Stoller, principal at Venture One.
Meridian Design Build will serve as the design-builder with Ware Malcomb as architect on the project. MB Financial will provide the construction financing. Keith Stauber, Steve Ostrowski and Matt Rakowich of JLL are the agents for the building, scheduled for completion in the summer of 2017.