Search
 

Venture One Sells Industrial Facility for $13M

DEKALB, IL-The developer is divesting the multi-tenant building on 35 acres.

By Gina Kenny | Updated on July 05, 2007

(Read more on the industrial market.)

DEKALB, IL-Venture One Real Estate LLC, based in Chicago, has sold a 305,000-sf industrial building at 12101 Barber Greene Rd. for more than $13.3 million. The multi-tenant building, on 35 acres in Peace Corporate Center, was sold to a private partnership based in Chicago, says Mark Goode, a principal with Venture One. A cap rate was not disclosed. Venture One was represented by Goode; Roy Splansky, a principal with Venture One; and Steve Milner, president of Milner & Associates Inc., based here.

Venture One decided to sell the building now that they have stabilized it with “two really good tenants,” Goode says. The facility is 100% leased, with the major tenant being 3M, which signed a lease for 278,000 sf in 2005. A local bank also leases about 27,000 sf of office space in the building. The asking lease rate for industrial space in the area is between $3.25 per sf and $3.75 per sf net and the asking lease rate for office space in the area is between $10 per sf and $18 per sf gross, Goode says. The building is near I-88 and is 13 miles east of the Union Pacific Railway Intermodal Facility in Rochelle.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.