Venture One Acquires Mount Prospect Industrial Building
Deal News | Dec 02, 2024 | Venture One Real Estate LLC
Venture One Real Estate, through its acquisition fund VK Industrial VII, LP, has successfully closed a deal for a 49,640 square foot industrial building located at 431 Kingston Court, Mount Prospect, Illinois. The transaction, executed as a sale-leaseback, involves a property originally built in 2002. It encompasses a 1.70-acre plot featuring 24-foot clear height, two exterior docks, a drive-in door, and ample parking. The transaction was brokered by Jimmy Goodman of The Boulder Group, who represented Venture One, and Chris Riegg of Promontory Point Capital, representing the seller. VK Industrial VII, co-managed with Kovitz Investment Group, focuses on regional industrial properties in Chicago, the Northeast, and Florida, highlighting the fund's strategic aim to enhance its industrial asset portfolio in these key regions.
Sectors
- Real Estate
- Industrial
- Private Equity
Geography
- United States – The transaction took place in Mount Prospect, Illinois, which is in the United States, particularly impacting the regional market in Chicago.
- Illinois – The property acquired is located in Mount Prospect, Illinois, marking a strategic investment in this specific geographical area.
Industry
- Real Estate – The article discusses the acquisition of an industrial real estate property, highlighting the role of real estate investment in the transaction.
- Industrial – The property acquired is an industrial facility, contributing to the industrial sector's expansion within strategic markets.
- Private Equity – The acquisition was facilitated through a PE fund, VK Industrial VII, illustrating the involvement of private equity in strategic real estate investments.
Financials
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Venture One Real Estate LLC | Acquirer | Company | A real estate investment firm engaged in the acquisition of the industrial building. |
| VK Industrial VII, LP | Acquisition Fund | Company | A discretionary fund co-sponsored by Venture One Real Estate, targeting industrial properties in strategic markets. |
| Kovitz Investment Group | Co-Sponsor | Company | Partnered in the co-sponsoring of the VK Industrial VII fund. |
| The Boulder Group | Legal Advisor | Company | Legal entity representing Venture One in the acquisition. |
| Jimmy Goodman | Legal Representative | Person | Represented Venture One Real Estate in the transaction. |
| Promontory Point Capital | Legal Advisor | Company | Represented the seller in the transaction. |
| Chris Riegg | Legal Representative | Person | Represented the seller in the transaction. |