Millennium Properties Arranges IL Warehouse Transaction

The 30,000-square-foot multi-tenant property is part of a business park located in Wheeling, Ill. It consists of 10 units and is fully leased.

140 Shepard Ave., Wheeling, Ill.
140 Shepard Ave., Wheeling, Ill.

Millennium Properties R/E has negotiated the sale of a 30,000-square-foot warehouse located in Wheeling, Ill. The transaction closed at $1.5 million. The brokers in charge of the deal highlighted that smaller warehouses in the greater Chicago area, such as this one, often command a higher price per square foot as they are in limited supply.

The industrial market in Chicago remains strong, despite the record amounts of space added over the last 10 years,” said Vice President Brad Thompson in a prepared statement. “The strong infill location and in-place income made this property especially desirable to buyers.

The multi-tenant property is located at 140 Shepard Ave. and is part of a business park near the intersection of Wheeling Road and Hintz Road. It comprises 10 units, which are fully leased, and features 14-foot ceilings, two docks, 10 drive-in doors and a new roof.

Thompson, along with Vice President Chet Evans brokered the deal. In June, the same team arranged the sale of two retail centers near Chicago.

Image courtesy of Millennium Properties