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DEKALB, IL-Venture One Real Estate LLC, based in Chicago, hassold a recently completed, built-to-suit distribution center at1211 Fairview Dr. in the Park 88 industrial park. The buyer wasCharlotte, NC-based Fairview DeKalb IL LLC, a private partnership.The sales price was $22 million. A cap rate was not disclosed. Theseller was represented by Roy Splansky, a principal with VentureOne.

The 410,400-sf distribution center was constructed on a21.1-acre site for St. Paul-based 3M Corp. 3M has a 10-year leasefor the facility that started Aug. 1, says Mark Goode, principal ofVenture One. The location is known as 3M's Midwest DistributionCenter and is used for distribution and logistic services. Themarket asking lease rate for industrial space in the area isbetween $3.25 per sf and $4 per sf net, depending on the size ofthe building and the amenities of the building, Goode tellsGlobeSt.com. He says the company decided to sell the building, inpart, because there was a long-term lease signed for the building.Additionally, "The reason we were selling the building is becauseof the strong capital market right now that exists for net leasedindustrial buildings in the Chicago region and also in the DeKalbarea," Goode says.