Venture One Leases 445 KSF at Chicago Industrial Asset

Venture One Real Estate has secured a 444,600-square-foot lease with John B. Sanfilippo & Son Inc. at Venture Park 47, an industrial building spanning 729,823 square feet in Huntley, Ill.

Lee & Associates brokered the deal, securing the long-term lease on behalf of the new tenant. Colliers represented the landlord.

This transaction marks the largest industrial lease of the second quarter in Chicago’s North Kane County submarket, and the fourth largest in the Chicago metropolitan area, according to Lee & Associates.

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Venture Park 47 came online just last year, featuring 40-foot clear heights, a ESFR fire sprinkler system and 72 docks, expandable to 124, as well as 130 trailer parking spaces and approximately 448 car parking spaces. The developer broke ground on the $71.3 million speculative development at the 40-acre greenfield land site back in 2022.

Located at 12300 Jim Dhamer Drive, Venture Park 47 is within Chicago’s Golden Corridor submarket. The property is near Interstate 90, which allows easy access across the Chicago metropolitan area. The industrial asset is also roughly 30 miles west of Chicago’s O’Hare International Airport.

Lee & Associates’ Principals Frank Griffin and John Sharpe represented the tenant in the deal, while Colliers Vice Chair Brian Kling and Vice President Reed Adler worked on behalf of the owner.

Chicago leads the Midwest industrial market

As of April, the average industrial rent in Chicago clocked in at $6.09, a 5 percent increase over the past 12 months, according to a recent CommercialEdge report. Vacancy was at 5 percent, slightly below the 5.2 percent national rate.

In addition, the Windy City recorded the largest sales volume in the Midwest and the fourth-largest nationally, with industrial deals totaling $834 million in 2024’s first four months. During this period, the average sale price clocked in at $97 per square foot.