Venture One Real Estate Lands New Tenants at Chicago-Area Property
- Jan 28, 2021
Venture One Real Estate has hit 100 percent occupancy at its Crossroads 55 Business Park in Channahon, Ill., after securing two new tenants for a combined 2.3 million square feet.
Venture One’s latest tenant, CJ Logistics America, recently occupied the completed 1 million-square-foot distribution facility at 24101 S. Frontage Road. The building was completed in 2018 and offers 40-foot clear heights, 100 docks and 291 trailer parking spaces. The logistics company was represented by Colliers International’s Lynn Reich and Suzanne Serino.
The second tenant joining Crossroads 55 was ScottsMiracle-Gro, which will take a nearly 1.3 million-square-foot built-to-suit facility at 24231 S. Exchange Blvd. Venture One recently began construction on the property and expects to deliver the facility in the fourth quarter of 2021 to ScottsMiracle-Gro. Clayco is building the industrial property, which will offer 180 docks, 443 car parking spaces and 394 trailer parking spaces. ScottsMiracle-Gro was represented by CBRE’s David Prell and Philip Pelok. Venture One was represented by Collier International’s Jim Estus and Brian Kling in both leases.
At full build-out, Crossroads 55 will offer more than 3.3 million square feet of industrial space throughout three buildings on a 274-acre plot located at the intersection of Interstates 55 and 80. The remaining 1.1 million-square-foot facility at 23714 W. Amoco Road was completed in November 2020 as a build-to-suit project for Amazon, which uses the space as a fulfillment center.
Success with Chicago industrial
Ryan Stoller, principal at Venture One, said in prepared remarks that the location of Crossroads 55 gives its tenants access to a deep labor pool, access to the region through the nearby interstates and proximity to Union Pacific and BNSF Railway.
Stoller added in his prepared remarks that these factors have led to the overall success of industrial absorption in Chicago. Venture One also has industrial properties in Chicago, including its 60,126-square-foot facility that landed a full-building lease in February 2019. More recently, the company has expanded its industrial footprint in New Jersey, buying a 107,100-square-foot warehouse in partnership with Kovitz Investment Group in August 2020.