Welcome Back, Manufacturing
Venture One Real Estate has acquired, controlled, or developed a total of 1,000 acres around Chicago, so we're excited to have principal Mark Goode's long-range perspective (and golf tips) at our upcomingChicago Industrial Real Estate Summit on Tuesday, May 21. In the business since '77, Mark started up Venture One in '99.Mark says Venture is a large believer in onshoring, the idea that worldwide manufacturing is returning to the US. The proof: Many of Venture One's acquisitions have housed Tier 2 and 3 suppliers(steel, tires, ball bearings, plastics, etc) to big manufacturing companies, and orders have noticeably picked up. (We just ordered 50,000 plastic pianos and sent them to NBC to beg them not to cancel Smash.Hope that didn't skew the numbers.)
Venturecontinues to grow on the development side and pick up local industrial withseveral acquisitionfunds-- it bought21 buildings in the last 24 months. The latest big buy:644k SF at 1300 Naperville Dr in Romeoville, in a six-month sale-leaseback withSharp(newswe brokelast month).What does Venture One look for in an ideal acquisition or development site (besides a nice car and a sense of humor, of course)? The criteria vary depending on each submarket's unique situation, Mark says.
In O'Hare and I-55,they'll take any size property, while in places like s outheastern Wisconsin,they go for both distribution and manufacturing facilities (including heavy power, overhead cranes, and compressed air). In his decades in the biz, Mark (snapped with principals Matt Goode and Roy Splansky) has seen land absorbed almost up to 40 and 50 miles outside Chicago's core. He expects development to continue its outward migration, while infill locations are recycled and redeveloped. Venture One likes second-generation buildings that have functional specs for their markets, but those ready for the glue factory might be reused for retail (if well-located) or simply torn down.
...dary... Legendary... Any fun summer plans on the books? We're excited to see the Stones at the UC![email protected]
