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Marcus & Millichap sells vacant industrial building in Illinois
The deal transferred a 110,344-square-foot, 1972-built single-tenant property that was vacant at the time of sale.
Marcus & Millichap completed the sale of 421 W. Industrial Ave., a vacant, single-tenant industrial property in Effingham, Illinois, according to ConnectCRE.
The transaction was described as an off-market owner-user sale. Forest Bender, managing director of investments, said the outcome followed years of relationship-building, including a prior sale to the same owners via a 1031 exchange that helped them later pursue a return when they decided to sell.
ConnectCRE reports that Bender, working with Steven Weinstock as Marcus & Millichap’s Illinois broker of record, held the exclusive listing for the Ohio-based seller. The buyer was procured by Marcus & Millichap’s Indianapolis office, with Jeremie Johnson and Nathan Whalen assisting.
The property covers 5.3 acres and includes a 110,344-square-foot industrial building constructed in 1972. It had been vacant at the time of sale, after previously being occupied by NOVA Solutions, Inc.