Matterhorn Venture Partners (MVP) announced the acquisition of 1949-1951 Arthur Ave., a 104,394-square-foot front-load industrial building on approximately 3.7 acres in Elk Grove Village, Ill., within Chicago‘s O’Hare submarket. Acquired directly from the owner-occupied user, the asset advances MVP’s Chicago value-add strategy, adding significant lease-up upside in one of the nation’s most supply-constrained submarkets.
Built in 1986, the property offers two divisible suites of 35,579 square feet and 68,815 square feet, with 18- to 22-foot clear heights, five interior docks, one drive-in door, a 7.5-ton crane and heavy 1,600-amp power. MVP plans to lease up the suites at market rents, anchored by a $1.4 million capital improvement program covering new exterior facades and paneling, parking lot, landscaping, roof repairs and paint. Elk Grove Village’s pro-business environment further supports a competitive occupancy cost and long-term rental upside.
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