The partners say the redevelopment plan calls for the office plaza to be converted to medical and “creative” office space that would support lifestyle uses, such as senior housing. Upon completion the project will be called “The Well at Sunset.”

“Westmount is bullish on the Midwest industrial market,” says Clifford Booth, president and CEO of Westmount. “We're actively seeking value-add and opportunistic investments in select markets across the US.”

"Our team has been integral in the successful evolution of the asset class to better meet the needs of today's customers and communities," says James E. Hanson II, president and CEO of The Hampshire Companies.

Venture One is upgrading the facility with an overhaul of the office space, and new HVAC units, a new roof and repaved parking lot.