Venture One Buys 404 KSF Chicagoland Portfolio

1909 Waukegan Road. Image courtesy of CommercialEdge

Venture One Real Estate has acquired a two-building industrial portfolio in the Amhurst Lake Business Park in Waukegan, Ill., totaling 404,953 square feet. The assets were last owned by The Visual Pak Cos., according to CommercialEdge data. CBRE brokered the sale-leaseback on behalf of the seller. The acquisition was completed through the buyer’s VK Industrial VI fund, which is co-sponsored by Kovitz Investment Group.

The building at 1909 Waukegan Road comprises 271,476 square feet of warehouse and manufacturing space, along with 14,497 square feet of office space on a 12.3-acre site. Completed in 2003, it features 31-foot clear heights, 20 exterior docks, two drive-in doors and an ESFR sprinkler system. It is situated between Interstate 94 and Highway 41, and is roughly 30 miles north of Chicago.

The second asset incorporates 133,477 square feet of warehouse and 5,004 square feet of office space on a 6.7-acre site. It is situated at 1585 Lakeside Drive, off Highway 41, about 1 mile from the other asset. Completed in 2005, the building has 35-foot clear heights, 21 exterior docks and two drive-in doors.

CBRE Vice Chairmen Ryan Bain, Michael Caprile and Zach Graham, along with Senior Vice President Whit Heitman, represented the seller. Recently, Venture One sold a 54-property industrial portfolio for $369 million, which represented the last transaction in the firm’s VK Industrial V Fund.