Marcus & Millichap Arranges $17.4M Sale and Financing of Industrial Property in Wheeling, Illinois

Marcus & Millichap, a leading commercial real estate brokerage firm, announced the sale and financing of 199 Shepard Avenue, a fully occupied industrial property located in Wheeling, Illinois. The property sold for $17.4 million, with IPA Capital Markets securing $11.4 million in financing. The sale highlights the strong demand for multi-tenant industrial and industrial outdoor storage assets in the Chicago market. The property is anchored by JV Global Services, Ready Set Gourmet, GFS Transport, and Aargus Plastics, and features cold storage, industrial outdoor storage, rail access, and proximity to Interstate 294 and Chicago O'Hare International Airport.

Key Takeaways:

Marcus & Millichap arranged the sale and financing of 199 Shepard Avenue, a 96,712-square-foot industrial property in Wheeling, Illinois, for $17.4 million.
IPA Capital Markets secured $11.4 million in financing for the property, which will be paid off over a 5-year loan with 65% loan-to-value.
The property 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.
Zach Orzel, associate investments, stated that the transaction highlights the strong demand for multi-tenant industrial and industrial outdoor storage assets in the Chicago market.
Adam Abushgur, Tyler Sharp, and Clayton Isacson procured the buyer, Prairie Hill Holdings, with the help of Frank Montalto and Ethan Splan, who secured the financing.

Statistics:

The sale price of $17.4 million is the result of a sluggish market that is slowly rebounding, with a stabilization of sale prices experienced in the last 6 months.
The property has a total of 9.52 acres and 96,712 square feet of floor space.
The sale includes a partial leaseback with JV Global Services, which has a 10-year agreement with the buyer.
The property's anchor tenants are JV Global Services, Ready Set Gourmet, GFS Transport, and Aargus Plastics.
Marcus & Millichap closed 7,836 transactions in 2024 with a sales volume of approximately $49.6 billion.

Sources:

Marcus & Millichap, Inc.
"Marcus & Millichap Arranges $17.4M Sale and Financing of Industrial Property in Wheeling, Illinois." Marcus & Millichap, August 7, 2025.
"About Marcus & Millichap, Inc." Marcus & Millichap, Inc.