Venture One Breaks Ground on $71M Industrial Project

Venture Park 47 site. Image via Google Earth

Venture One has broken ground on Venture Park 47, an approximately 729,800-square-foot speculative development in Huntley, Ill., roughly 30 miles west of Chicago’s O’Hare International Airport. The big-box facility carries a development price tag of approximately $71.3 million, including land acquisition, according to a document from the Upper Illinois River Valley Development Authority.

The timing is right for big-box development in the Greater Chicago area. “The Chicago industrial market recorded six straight quarters of double-digit new leasing, due in large part to strong big-box leasing. This is expected to continue throughout 2022 with several large users still active in the market,” according to a first quarter report by Cushman & Wakefield.” Divisible to 350,000 square feet, Venture Park 47 will be able to accommodate up to two tenants.

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Venture Park 47 will take shape on an approximately 40-acre greenfield land site at the intersection of IL-47 and Jim Dhamer Drive, across from a 4-way interchange along I-90. It is this transit-centric location that allows for incomparable access to the O’Hare market.

In addition to a premier location, the industrial project will offer a host of coveted features, including 40-foot clear height, 72 docks expandable to 124, four drive ins and an ESFR sprinkler system. The property will also have ample parking accommodations in the form of 448 parking stalls and 130 dedicated trailer stalls.

Venture One has tapped the Colliers team of Brian Kling and Reed Adler to spearhead marketing of Venture Park 47. The project is on schedule to deliver in the third quarter of 2023.

Answering the call

While Venture One targets industrial property opportunities throughout the Midwest and Northeast, the company has been keeping quite busy of late with the Chicago market and its big-box needs—be they speculative projects or build-to-suit developments.

In December 2021, Venture One acquired 264 acres in Huntley for the purpose of developing two industrial facilities totaling 1.8 million square feet. Phase I is an approximately 629,100-square-foot build-to-suit at 11500 Freeman Rd. for an unidentified user, and Phase II is a nearly 1.2 million-square-foot build-to-suit at 11400 Venture Court for another undisclosed user. And in January 2022, Venture One and co-developer CRG broke ground on an 897,000-square-foot build-to-suit for Central Steel and Wire at the 355-acre, master-planned Gateway 57 Business Park in University Park, Ill.