Venture One Sells 410,000-SF Center

(Read more on the industrial market.)

DEKALB, IL-Venture One Real Estate LLC, based in Chicago, has sold a recently completed, built-to-suit distribution center at 1211 Fairview Dr. in the Park 88 industrial park. The buyer was Charlotte, NC-based Fairview DeKalb IL LLC, a private partnership. The sales price was $22 million. A cap rate was not disclosed. The seller was represented by Roy Splansky, a principal with Venture One.

The 410,400-sf distribution center was constructed on a 21.1-acre site for St. Paul-based 3M Corp. 3M has a 10-year lease for the facility that started Aug. 1, says Mark Goode, principal of Venture One. The location is known as 3M’s Midwest Distribution Center and is used for distribution and logistic services. The market asking lease rate for industrial space in the area is between $3.25 per sf and $4 per sf net, depending on the size of the building and the amenities of the building, Goode tells GlobeSt.com. He says the company decided to sell the building, in part, because there was a long-term lease signed for the building. Additionally, “The reason we were selling the building is because of the strong capital market right now that exists for net leased industrial buildings in the Chicago region and also in the DeKalb area,” Goode says.