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Bisnow Exclusive: Venture One's Massive Buy

Chicago
Bisnow Exclusive: Venture One's Massive Buy

Chicago-based Venture One Real Estate has acquired one of its largest buildings in a JV: a 644k SF industrial property on 35 acres in Romeoville, principal Matt Goode exclusively tells Bisnow.

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In impressive product placement, Matt points to the company's new property at 1300 Naperville Dr on a Sharp TV--Sharp is the seller. Built in 1979 (expanded in 1993) for Lowrey Organ Co, the property is a functional, well-located asset in the I-55 corridor that can be repositioned in the market at a discount, Matt says. The I-55 corridor has become land-constrained for the first time, and absorption of existing product will lead to rent growth, he tells us. Acquiring the asset in a six-month sale-leaseback with Sharp, Venture One will redesign the facility to accommodate one to four tenants between 100k SF and 644k SF.

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After Dr. Seuss characters Thing 1 and Thing 2 graduated from the UChicago Booth School of Business, they became Tenant 1 and Tenant 2.Venture One's JV partner, DRA Advisors, is an investment adviser with $10.5B in assets under management; it works with local operators. Here's what attracted Matt to the property (besides profound curiosity about where LCD displays are repaired):


  • It can power a small city (15k amps at 480V)

  • Elusive industrial air-conditioning in 387k SF

  • A manufacturer/hoarder's delight (up to 224 trailer parking spaces and up to 102 loading docks)


The building also offers 25k to 100k SF of high-quality office and 15k SF of furnished and wired call center space. The sale was brokered byCushman & Wakefield's JasonWest, SeanHenrick, JamesCarpenter, and MichaelTenteris; Jason and Sean will continue as leasing brokers.

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The team bringing Venture One's newest asset into the modern era:Ware Malcomb for architectural services, Jacob & Hefner Associates for civil engineering, and ARCO/Murray as GC. While Sharp winds down at the facility, Matt is excited for golf season to start and is patiently waiting for his 17-month-old to be big enough to go to Disney World. He also thinks the White Sox are extremely undervalued.