Press Releases
Marcus & Millichap Arranges $17.4M Sale and Financing of Industrial Property in Wheeling, Illinois
August 07, 2025
WHEELING, Ill., Aug. 7, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale and financing of 199 Shepard Avenue, a fully occupied industrial property located in Wheeling, Illinois. The property sold for $17.4 million. IPA Capital Markets, a division of Marcus & Millichap, secured $11.4 million in financing.
“This transaction highlights the strong demand we continue to see for multi-tenant industrial and industrial outdoor storage assets in the Chicago market," said Zach Orzel, associate investments. "With less than 10 properties in Wheeling offering significant truck parking capabilities, coupled with strong anchor tenants and a planned cold storage expansion, this site stood out as an ideal fit for the buyer’s long-term portfolio diversification strategy.”
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.
“This transaction highlights the strong demand we continue to see for multi-tenant industrial and industrial outdoor storage assets in the Chicago market," said Zach Orzel, associate investments. "With less than 10 properties in Wheeling offering significant truck parking capabilities, coupled with strong anchor tenants and a planned cold storage expansion, this site stood out as an ideal fit for the buyer’s long-term portfolio diversification strategy.”
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.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
