New York-based private equity firm DRA Advisors doubled down on its presence in Chicago’s industrial market, public records show.
DRA spent just over $200 million on 32 industrial properties, in a deal that closed in late February, state property tax records indicate.
The seller was Rosemont-based Venture One Real Estate, which spent three years assembling the portfolio, according to deeds recorded in Cook, Lake, DuPage and Kane counties. Venture One spent about $150 million total on the acquisitions between 2022 and 2024, property records analyzed by The Real Deal found.
The sale prices for the individual properties range from about $1.5 million to $10 million, records show. DRA Advisors financed the purchase with a $245 million loan issued by Wells Fargo. It’s unclear if additional properties outside of Illinois were bundled into the transaction, as well. Venture One owns over 250 properties, primarily in Illinois as well as a smaller portion in Wisconsin, Indiana, New York, Pennsylvania, New Jersey and Florida, according to its website.
Venture One is a frequent deal partner with DRA Advisors. In 2023, Venture One and DRA formed a joint venture to recapitalize $369 million worth of Chicagoland warehouses, a statement at that time from both companies confirmed. At the time, Venture One sold its fifth investment fund of six it had assembled and managed with Kovitz Investment Group to the joint venture formed between Venture One and DRA Advisors.
It’s unclear if a similar agreement was reached in the recent $200 million transaction, however, DRA is listed as the buyer in each deal, records show.
Representatives of DRA Advisors and Venture One did not respond to requests for comment .
Venture One specializes in acquiring warehouse, distribution, manufacturing and flex industrial properties between 20,000 square feet and 1 million square feet, its website states. The company purchases properties or portfolios priced from $1 million to $100 million.
DRA Advisor’s purchase signals a growing confidence from institutional investors in Chicagoland’s industrial market, which experienced a boom of activity during the pandemic.
Over the past few years, DRA Advisors has begun shedding office and retail sites in favor of industrial properties.
In 2023 the company sold off most of its $540 million Midwest retail portfolio that was concentrated in the Chicago area.
In August, DRA Advisors listed a mixed-use commercial and multifamily property at 1 East Erie Street in Chicago’s River North. A few months later, the company teamed up with Venture One to buy a warehouse in Joliet from Ares Capital Management for $86 million.
Here are the addresses of the 32 industrial properties that DRA most recently acquired:
- 1011 Campus Drive, Mundelein
- 351 Hastings Drive, Buffalo Grove
- 845 East High Street, Mundelein
- 262 South Shaddle Avenue, Mundelein
- 1345 Wilhelm Road, Mundelein
- 1160 Greenleaf Avenue, Elk Grove Village
- 5940 Oakton Street, Morton Grove
- 7301 West Wilson Avenue, Harwood Heights
- 6565 West Howard Street Niles
- 1111 30th Avenue Melrose Park
- 406-432 Diens Drive, Wheeling
- 925-1065 Chase Avenue, Elk Grove Village
- 2526-2540 South Federal Street, Chicago
- 2121 Landemeir Road, Elk Grove Village
- 7333 South Lockwood Avenue, Bedford Park
- 4601 South Tripp Avenue, Chicago
- 605-617 Church Road, Elgin
- 601-701 Frontier Way, Bensenville
- 1051 Frontenac Road, Naperville
- 470 West Wrightwood Avenue, Elmhurst
- 744 North Oaklawn Avenue, Elmhurst
- 1053-1057 Shore Road, Naperville
- 391 Wegner Drive, West Chicago
- 1045 National Avenue, Addison
- 725 North Edgewood Avenue, Wood Dale
- 955 Lively Boulevard, Wood Dale
- 221 Shore Court, Burr Ridge
- 656-674, 684-690, and 700-720 County Line Road, Bensenville
- 851-853 Industrial Drive and 215-231 West Wrightwood Avenue, Elmhurst
- 1280 Lakeview Drive, Romeoville
- 850-880 Remington Boulevard, Bolingbrook
- 1881 West Normantown Road, Romeoville