ROMEOVILLE, IL—A partnership of Venture One Real Estate LLC and DRA Advisors has purchased a 643,617-sq.-ft. industrial facility here that will soon be vacated by Sharp Electronics.
The property was acquired for an undisclosed sum from Sharp, which will lease back the entire facility on a short term basis. Venture One said it plans to renovate and reposition the building following Sharp’s exit and will be marketing spaces between 100,000 sq. ft. and 643,617 sq. ft.
The building is located in the center of the Interstate 55 corridor in Marquette Business Park. Constructed in 1979 and renovated and expanded in 1993, the building has had only had two occupants, Sharp Electronics and Lowery Organ. Venture One’s renovations will include additional loading docks, façade enhancements, the construction of up to 224 secured trailer parking positions and energy efficient lighting.
Michael Tenteris, James Carpenter, Jason West and Sean Henrick with Cushman and Wakefield represented the seller in the transaction. “The I-55 industrial submarket experienced tremendous absorption over the past 36 months and given the lack of new construction, the vacancy rate is at a historic low,” said West in a statement. “The timing is ideal to secure new tenants at this property.”