SAN JOSE, CA-On the heels of a successful industrial condominium project in the southern Silicon Valley, Venture Corp. is developing a 138,400-sf industrial condo project here.

The Mill Valley, CA-based real estate construction and development firm recently acquired 9.39 acres at Ringwood Avenue and Concourse Drive for $4.9 million and under construction on Venture Commerce Center, which will consist six class A office-style buildings with two-story offices at the front and 21-ft clear height “flex areas” in the rear. The complex will be built out to house 48 privately owned business properties ranging in size from 1,457 sf to 3,889 sf and available for lease or sale. Project completion is scheduled for Spring 2004.

Neither Venture Corp. president Robert Eves nor its chief operating officer Mark Heavey returned a phone calls seeking comment. On the company’s website, it says similar developments are now under way in the Bay Area cities of Hercules, Napa, Newark and Fairfield following the successful completion of its first such project at Morgan Hill Ranch, a 350-acre master-planned business park in southern Silicon Valley that is owned by a Venture Corp. subsidiary. The first phase of that project sold out, a second phase is now under construction and a third phase is in the final design stage, according to the company’s website.

Paul Melnyk of Grubb & Ellis’ local office represented Venture Corp. in the land acquisition. CB Richard Ellis represented the seller, ASML US Inc. of the Netherlands.

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