Matterhorn Venture Partners (MVP) announced the acquisition of a 16,500-square-foot, small-bay industrial property located at 805 Forestwood Drive in Romeoville, Ill., within the Interstate 55 Corridor of the Chicago metropolitan area.
The single-building asset was acquired through a limited marketing process and represents a value-add opportunity with one vacant suite and in-place rents approximately 30 percent below market. Built in 1998, the property features four suites with both dock-high and drive-in loading, functional clear heights and excellent access to Interstate 55 and I-355.
Following the acquisition, MVP plans targeted improvements, including deferred maintenance, refreshed interiors and proactive leasing to bring rents to market.
"This acquisition exemplifies our approach, identifying well-located, functional small-bay industrial assets with clear potential to create value," said Scott McKibben, CEO at Matterhorn Venture Partners. "The I-55 Corrid
