Venture One Acquires 74,975 sq ft Industrial Property in Elk Grove Village
Deal News | Dec 04, 2024 | Venture One Real Estate LLC
Venture One Real Estate, through its acquisition fund VK Industrial VII, LP, has successfully acquired a 74,975 square foot industrial building in Elk Grove Village, Illinois. The property is strategically located on 2.92 acres of land and comes with significant features, including 8 dock doors and parking space for 70 cars. After receiving a favorable 6B tax incentive from the local municipality, Venture One plans to perform substantial improvements to the facility, such as office renovations and energy-efficient updates. The transaction was facilitated by CBRE agents Cal Payne and Matt Mulvihill, who will continue to market the property for Venture One. VK Industrial VII, a fund co-sponsored by Venture One and Kovitz Investment Group, aims to strengthen its portfolio with industrial properties in specific U.S. regions such as Chicago, Northeast, and Florida.
Sectors
- Real Estate
- Private Equity
- Investment Management
Geography
- United States – The acquisition occurs in Elk Grove Village, Illinois, indicating the geographical focus of the article within the United States.
- Illinois – Specifically, the location of the acquired property is in Illinois, highlighting regional investment activities of the involved firms.
Industry
- Real Estate – The acquisition of a real estate asset falls under the real estate industry, focusing specifically on industrial properties.
- Private Equity – Venture One Real Estate, through its fund VK Industrial VII, represents private equity interests in acquiring and managing commercial real estate assets.
- Investment Management – The co-sponsorship by Kovitz Investment Group illustrates the role of investment management in strategic asset acquisition and fund management.
Financials
- 74,975 – Size of the industrial building in square feet acquired by Venture One.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Venture One Real Estate LLC | Acquirer | Company | A real estate investment firm acquiring industrial property via its fund VK Industrial VII. |
| VK Industrial VII, LP | Funding Vehicle | Company | A fully discretionary fund co-sponsored by Venture One Real Estate and Kovitz Investment Group, focused on industrial acquisitions. |
| Kovitz Investment Group | Co-Sponsor | Company | An investment company co-sponsoring the VK Industrial VII fund along with Venture One Real Estate. |
| CBRE | Real Estate Advisor | Company | A commercial real estate services and investment firm that represented the Seller in the transaction and will market the property for Venture One. |
| Cal Payne | Representative | Person | An agent from CBRE representing the Seller in the transaction. |
| Matt Mulvihill | Representative | Person | An agent from CBRE representing the Seller in the transaction. |
| Elk Grove Village | Government | Government | The local municipality that provided a 6B tax incentive for the property acquisition. |