CRE N Illinois

Venture One kicks off industrial fund with acquisition of 363,027-square-foot, Waukegan property


Venture One Real Estate's acquisition fund, VK Industrial IV, LP, made its first acquisition of a 363,027-square-foot property located in Waukegan, Illinois.

Venture One Real Estate closed an acquisition of a 363,027 square foot industrial building, located at 800 S. Northpoint Road in Waukegan, Illinois, the company said Thursday.

The purchase was through the firm's acquisition fund, VK Industrial IV, LP, a partnership between Venture One and Kovitz Investment Group.

Formerly the headquarters of WMS Industries, the 24-foot precast building was originally built in 1995, with later additions in 1998 and 2007.

The building has 93,773 square feet of two-story, high-quality office and 262,546 square feet of warehouse space, which is fully air-conditioned and has T-5 lighting, ESFR sprinklers, 8,000 amps of 480 volt power, 26 exterior docks, 6 drive-in doors and 685 parking spots. Additionally, the property contains a data center, back-up generator and AT&T fiber.

"This was a unique opportunity to acquire an asset with rare combination of amenities within an institutional business park," said Matt Goode, principal at Venture One. "The high image facility will cater to the corporate tenants within Lake County and the building's abundant parking and easily divisible floor plan allows for us to accommodate a wide range of tenants."

The seller was represented by Colliers International's Chris Volkert, Fred Regnery and Alain LeCoque, who will be kept on by Venture One to market the property, alongside Brendan Green from Colliers.

This is the firm's first acquisition through its Venture One VK industrial IV, LP, which the companies plan to use to invest in industrial real estate properties within the Chicago market and central region, specifically targeting locations between $1 and $50 million in size.