Matterhorn Venture Partners announced the acquisition of 1949-1951 Arthur Avenue, a 104,394-square-foot front-load industrial building in Elk Grove Village, Illinois.
The property is located on about 3.7 acres within Chicago’s O’Hare submarket. Matterhorn Venture Partners acquired the asset directly from the owner-occupied user, adding to the firm’s Chicago value-add industrial strategy.
Built in 1986, the building includes two divisible suites of 35,579 square feet and 68,815 square feet. The property features 18- to 22-foot clear heights, five interior docks, one drive-in door, a 7.5-ton crane, and heavy 1,600-amp power.
Matterhorn Venture Partners plans to lease the suites at market rents while repositioning the property through a $1.4 million capital improvement program. The planned improvements include new exterior facades and paneling, parking lot upgrades, landscaping, roof repairs, and paint.
The company said Elk Grove Village’s pro-business environment supports competitive occupancy costs and long-term rental upside. The property’s location in the O’Hare submarket also provides access to one of the most established industrial areas in metropolitan Chicago.
O’Hare is anchored by its proximity to O’Hare International Airport and the region’s expressway and tollway network. Matterhorn Venture Partners said limited new supply and durable demand have kept the submarket tight, supporting the investment thesis behind the acquisition.
The transaction marks Matterhorn Venture Partners’ fifteenth acquisition and seventh in the Chicago metropolitan statistical area. The deal reinforces the firm’s strategy of aggregating high-quality industrial properties across the Midwest.
Founded in April 2024, Matterhorn Venture Partners is a Chicago-based private real estate investment firm that acquires and manages industrial assets nationwide. The firm has completed nearly $150 million in deal capitalization across eight states and more than 870,000 square feet.
KEY QUOTES:
“Elk Grove Village sits at the heart of O’Hare, one of the most supply constrained industrial markets in the country. A well-located, functional building with a clear lease-up path is exactly the value-add opportunity we target.”
Scott McKibben, Chief Executive Officer of Matterhorn Venture Partners
“We acquired the building well below replacement cost and comparable sales in the submarket. With tight vacancy and limited supply across O’Hare, we see meaningful upside as we lease and reposition the asset.”
Tina Ramos, Co-Founder at Matterhorn Venture Partners
