Prairie Hill Holdings Acquires Retail Asset In Wheeling From JV Global Services For $17.4M

The transaction involved a retail asset located at 199 Shepard Avenue in Wheeling. The property spans 96,712 square feet and was sold for $17,400,000, translating to a price per square foot of $180. The deal features cold storage capabilities and rail access, with convenient proximity to I-294 and O’Hare International Airport.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $17,400,000
• Buyer: Prairie Hill Holdings
• Seller: JV Global Services LLC
• Brokers: Zach Orzel, Adam Abushagur, Tyler Sharp, and Clayton Isacson - Marcus & Millichap
• Mortgage Brokers: Ethan Splan and Frank Montalto - Institutional Property Advisors
• Square Footage: 96,712
• Price Per Square Foot: $180

JV Global Services LLC is included in the transaction with a partial leaseback agreement, while a build-to-suit cold storage project is also part of the deal. Financing for the transaction was notably arranged through IPA Capital Markets, amounting to $11.4 million.