Marcus & Millichap closed the sale and financing of 199 Shepard Ave., a fully occupied industrial property in Wheeling, Illinois. The property sold for $17.4 million.
IPA Capital Markets, a division of Marcus & Millichap, secured $11.4 million in financing.
Zach Orzel, Adam Abushgur and Tyler Sharp, investment specialists in Marcus & Millichap’s Chicago Downtown and Dallas offices, had the exclusive listing to market the property on behalf of the seller, JV Global Services LLC. Sharp, Abushagur and Clayton Isacson procured the buyer, Prairie Hill Holdings.
Frank Montalto, managing director, and Ethan Splan, associate director, both based in the firm’s Chicago Downtown office, secured a 5-year loan at 65% loan-to-value. Additional terms include 12 months of interest-only payments at 6.4% followed by a 25-year amortization period.
The 96,712-square-foot property sits on 9.52 acres and is anchored by JV Global Services, Ready Set Gourmet, GFS Transport and Aargus Plastics. The asset features cold storage, industrial outdoor storage, rail access and proximity to Interstate 294 and Chicago O’Hare International Airport. The sale includes a partial leaseback with JV Global Services and a pending 14,796-square-foot build-to-suit cold storage facility for Ready Set Gourmet.
