{"id":1004588051,"date":"2022-06-27T11:21:03","date_gmt":"2022-06-27T19:21:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004588051"},"modified":"2022-12-08T19:17:06","modified_gmt":"2022-12-09T03:17:06","slug":"venture-one-breaks-ground-on-71m-industrial-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/","title":{"rendered":"Venture One Breaks Ground on $71M Industrial Project"},"content":{"rendered":"
\"Venture<\/a>

Venture Park 47 site. Image via Google Earth<\/p><\/div>\n

Venture One<\/strong> has broken ground on Venture Park 47, an approximately 729,800-square-foot speculative development in Huntley, Ill., roughly 30 miles west of Chicago\u2019s O\u2019Hare International Airport. The big-box facility carries a development price tag of approximately $71.3 million, including land acquisition, according to a document from the Upper Illinois River Valley Development Authority.<\/p>\n

The timing is right for big-box development in the Greater Chicago area. \u201cThe Chicago industrial market recorded six straight quarters of double-digit new leasing, due in large part to strong big-box leasing. This is expected to continue throughout 2022 with several large users still active in the market,\u201d according to a first quarter report by Cushman & Wakefield<\/strong>.\u201d Divisible to 350,000 square feet, Venture Park 47 will be able to accommodate up to two tenants.<\/p>\n

\n

READ ALSO<\/strong>: The Impact of Interest Rates and Inflation on Industrial Real Estate<\/a><\/p>\n

\n

Venture Park 47 will take shape on an approximately 40-acre greenfield land site at the intersection of IL-47 and Jim Dhamer Drive, across from a 4-way interchange along I-90. It is this transit-centric location that allows for incomparable access to the O\u2019Hare market.<\/p>\n

In addition to a premier location, the industrial project will offer a host of coveted features, including 40-foot clear height, 72 docks expandable to 124, four drive ins and an ESFR sprinkler system. The property will also have ample parking accommodations in the form of 448 parking stalls and 130 dedicated trailer stalls.<\/p>\n

Venture One has tapped the Colliers<\/strong> team of Brian Kling and Reed Adler to spearhead marketing of Venture Park 47. The project is on schedule to deliver in the third quarter of 2023.<\/p>\n

Answering the call<\/strong><\/h2>\n

While Venture One targets industrial property opportunities throughout the Midwest and Northeast, the company has been keeping quite busy of late with the Chicago market and its big-box needs\u2014be they speculative projects or build-to-suit developments.<\/p>\n

In December 2021, Venture One acquired 264 acres in Huntley for the purpose of developing two industrial facilities totaling 1.8 million square feet. Phase I is an approximately 629,100-square-foot build-to-suit at 11500 Freeman Rd. for an unidentified user, and Phase II is a nearly 1.2 million-square-foot build-to-suit at 11400 Venture Court for another undisclosed user. And in January 2022, Venture One and co-developer CRG<\/strong> broke ground<\/a> on an 897,000-square-foot build-to-suit for Central Steel and Wire at the 355-acre, master-planned Gateway 57 Business Park in University Park, Ill.<\/p>\n","protected":false},"excerpt":{"rendered":"

Venture Park 47 will soon rise in the high-demand metropolitan Chicago market.<\/p>\n","protected":false},"author":969,"featured_media":1004588074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1491,21782,21748,13,21742],"tags":[35498,32799,49819],"class_list":["post-1004588051","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chicago","category-development","category-industrial","category-midwest","category-latest","tag-colliers","tag-cushman-wakefield","tag-venture-one"],"acf":[],"yoast_head":"\nVenture One Breaks Ground on $71M Industrial Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Venture One responds to the demand for big-box offerings in metropolitan Chicago with the start of work on Venture Park 47.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Venture One Breaks Ground on $71M Industrial Project\" \/>\n<meta property=\"og:description\" content=\"Venture One responds to the demand for big-box offerings in metropolitan Chicago with the start of work on Venture Park 47.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-27T19:21:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T03:17:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Venture-Park-47-site-Huntley-Ill-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"816\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/\",\"name\":\"Venture One Breaks Ground on $71M Industrial Project - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Venture-Park-47-site-Huntley-Ill-featured.jpg\",\"datePublished\":\"2022-06-27T19:21:03+00:00\",\"dateModified\":\"2022-12-09T03:17:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"description\":\"Venture One responds to the demand for big-box offerings in metropolitan Chicago with the start of work on Venture Park 47.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/venture-one-breaks-ground-on-71m-industrial-project\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Venture-Park-47-site-Huntley-Ill-featured.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/06\/Venture-Park-47-site-Huntley-Ill-featured.jpg\",\"width\":816,\"height\":600,\"caption\":\"Venture Park 47 site. 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