Chicago industrial fund purchases two properties
October 25, 2010 | Mark Thomton | Print Article | Email this Article
VK Industrial I, LP, a real estate fund managed by Venture One Real Estate, LLC and Kovitz Investment Group, LLC has closed on two industrial properties in the Chicago Market, announced Matt Goode, principal of Venture One, the Chicago based real estate investment and development firm. The properties are located at 12500 Lombard Lane in Alsip, Ill. and 5727 95th Avenue in Kenosha, Wis.
5727 95th Avenue is a 20,000-square-foot industrial facility located in the Business Park of Kenosha that was built in 1999 by the seller, M and P Properties, LLC. The property is 100 percent leased to Midwest Thermal-Vac, which has been a tenant in the building for over 10 years. The seller was represented by Rob Pitts of Kenosha based Pitts Brothers and Associates, LLC. The final sale price was $966,000.
12500 Lombard Lane is an 86,200-square-foot facility that was built in 1979. The Seller, Freis Family Venture LLC, was represented by Corey Chase of Podolsky Realty Partners. The building is currently 100 percent leased to two tenants, MV Transportation Inc. and Masters Shipping Inc. The building is located 1 mile from a full four-way interchange at I-294 and Cicero Ave. The final sale price was $1,715,500.
According to Goode, VK Industrial I, LP was formed in 2010 to acquire well-located, functional industrial real estate in infill or growing submarkets primarily in the Chicagoland area. The fund plans to acquire both stabilized and unstabilized assets through one-off and portfolio purchases with a targeted acquisition size of between $2 and $10 million.
Both transactions were closed all cash although, according to Goode, VK Industrial I, LP will eventually put moderate leverage on the properties.
Tags | Chicago, industrial, sale, Venture One Real Estate
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