John Schreiber’s Centaur Capital Partners has closed on a pair of Waukegan industrial buildings, tacking roughly 400,000 square feet onto the firm’s Chicago-area footprint. Public records and industry filings put the combined purchase price at about $47 million, part of an ongoing run of family office investors buying infill logistics properties in Lake County.
The properties at 1585 South Lakeside Drive and 1909 South Waukegan Road sold for $16 million and $31 million, respectively, as reported by The Real Deal. The Lakeside address is a roughly 133,000-square-foot distribution center on about 6.7 acres, leased to packaging firm Bolke Miller. In comparison, the Waukegan Road building spans about 271,000 square feet on roughly 12 acres and is occupied by packaging manufacturer VP Packaging. The same reporting identifies Rosemont-based VentureOne Real Estate as the seller.
VentureOne bought the two buildings in 2023 for about $39 million in a sale-leaseback, according to a 2023 press release from Venture One Real Estate. Property listings and tax documents list the 1585 Lakeside facility at roughly 133,600 square feet and provide parcel details for both addresses on LoopNet. Those records confirm the buildings are still occupied by packaging and manufacturing tenants, which helps explain why investors are chasing stabilized cash flow in this corner of Lake County.
Centaur's Midwest Push
Centaur’s Waukegan play follows a bigger move in Niles late last year, when the firm partnered with Talos Capital to buy a FedEx Ground hub, a deal that highlighted its focus on mission-critical distribution assets, as reported in quietly scoops up Niles FedEx hub. Schreiber’s background, including a major gift to Loyola University Chicago and a long stint at Blackstone’s real estate arm, has made his industrial bets closely watched in Chicago investment circles, according to the Chronicle of Philanthropy. Taken together, the recent purchases show Centaur leaning into infill warehouse assets that marry steady rent rolls with potential room on the sites for future expansion.
Why Investors Like Waukegan
Industry research suggests Chicago’s industrial sector is settling into a more normal rhythm after the pandemic surge, with new supply slowing and leasing activity holding steady, a backdrop that can favor buyers looking for yield and stability. A recent report from Cushman & Wakefield points to easing deliveries and improving absorption heading into 2026, trends that support acquisitions of fully leased, infill warehouse properties like the Waukegan pair.
Representatives for Centaur and VentureOne did not respond to requests for comment, according to initial reporting by The Real Deal. For now, the buildings slide into Centaur’s growing Midwest industrial portfolio, where ownership can decide over time whether to simply hold the assets, upgrade them, or reposition them for a different strategy.
