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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.

The facility was formerly owned by Agco/Caterpillar/Barber Greene. The building, which was used to manufacture tractors, was originally constructed in 1956 with the last addition in the 1999. The building was fully renovated in 1999. Venture One purchased the building in 2004 and converted it from a single-tenant building to a multi-tenant building, Goode says. The company removed the 30 cranes that had been in the building and had all of the major systems upgraded, including the heating, ventilation and air conditioning and electrical systems. Venture One also redid the floor, renovated and upgraded the bathrooms, upgraded the roof and added sprinklers to the office portion of the building, Goode says. Work is currently finishing on the landscaping. Venture One “really turned what was an older manufacturing building into a more modern distribution and logistics building,” he says. Goode would not disclose the amount Venture One paid for the property or the cost for the renovations to the building.

The property was also subdivided with a 202,000-sf build-to-suit distribution facility for 3M constructed on 18 acres of the original parcel. In 2006, Venture One sold the building at 2600 Wirsing Parkway for nearly $13.7 million to a group controlled by an institutional investor based in Charlotte, NC.

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