Matterhorn Venture Partners (MVP), a Chicago-based private real estate investment firm focused on industrial assets, announced it has acquired the Kennicott Industrial Complex at 3160–3196 N. Kennicott Avenue in Arlington Heights, Illinois.
The property consists of a 75,310-square-foot industrial small-bay complex spanning two buildings on 3.9 acres. The asset is currently 87 percent occupied by five tenants across seven suites and was acquired off-market from a local owner. The acquisition supports MVP’s strategy of aggregating value-add industrial properties in the Chicago metropolitan area.
Built in 1981, the complex features 18-foot clear heights, eight drive-in doors, eight interior dock positions, and ample parking. Each suite includes a dedicated dock door and drive-in door, a configuration that is uncommon for buildings of this size and increases the property’s appeal to a range of industrial tenants.
The property currently generates cash flow on a triple-net basis, with rents below prevailing market rates. With several leases approaching expiration in the near term, MVP expects to increase rental income through proactive lease management and targeted capital improvements.
The acquisition marks MVP’s 14th overall investment and its sixth in the Chicago metropolitan statistical area, further expanding the firm’s presence in core infill logistics corridors across the Midwest.
Founded in May 2024, Matterhorn Venture Partners focuses on acquiring and managing industrial properties nationwide. Since its launch, the firm has completed approximately $140 million in total deal capitalization across eight states, representing more than 765,000 square feet of industrial real estate.
KEY QUOTES:
“The Kennicott Industrial Complex is exactly the type of asset we target – a well located, multi-tenant industrial property with in-place cash flow and a clear path to value creation through rental upside. This is a great addition to our Chicago industrial aggregation strategy.”
Scott McKibben, Chief Executive Officer, Matterhorn Venture Partners
“Sourcing this deal off-market allowed us to acquire a cash flowing asset at a compelling basis, well below replacement cost and comparable sale prices in the submarket.”
Matt Kay, Principal And Co-Founder, Matterhorn Venture Partners
