Chicago-based Venture One Real Estate LLC — through its acquisition fund VK Industrial I LP — has purchased two industrial buildings in Elgin, Ill., totaling 216,717 sq. ft. The buildings, which were acquired in separate transactions, are located at 1875 Holmes Road and 1355 Holmes Road. The sale prices were not disclosed.
These purchases mark the seventh and eight acquisitions of Venture One’s VK industrial fund. The fund has acquired 500,000 sq. ft. of industrial property in the Chicago market since opening in September 2010.
The facility at 1875 Holmes Road is a 134,415 sq. ft. manufacturing and distribution building, which is 100% leased to Amtec Precision Products Inc., a subsidiary of Ucal Fuel Systems Ltd.
Amtec is a manufacturer of high-precision metal parts for automotive, diesel engine, and capital equipment and other industrial applications. The company has occupied the building since 1989. The building is fully air-conditioned, includes T-8 lighting throughout the warehouse and includes 170 parking spaces.
1355 Holmes Road is an 82,302 sq. ft. vacant manufacturing and distribution facility. The building, which was built in 1975 and expanded in 1999, sits on 4.56 acres and features clear height ceilings of 18 ft. to 22 ft., up to 147 parking spaces, and a 7,700 amp 277/480 dual power service. The facility is located just south of I-90, approximately one mile from both the Route 31and Randall Road exits.
Venture One will improve the property with the addition of energy-efficient T-5 lights, a new roof, sealed warehouse floors, new HVAC systems, and office renovations. The property will be marketed for lease or sale and is divisible to 39,900 sq. ft. Venture One will appoint Bruce Granger of Grubb & Ellis as the exclusive agent to market the building.
Venture One Real Estate acquires, develops, leases, and manages industrial and office properties on its own behalf and on behalf of investment partners. The company also provides real estate advisory services to buyers and sellers of investment properties and portfolios on a national basis.