Marcus & Millichap facilitated the sale of Armour Eckrich Meats Portfolio, a 38,380-square-foot industrial portfolio located in Galesburg, Illinois; Independence, Louisiana; Findlay, Ohio and Alexander, Arkansas. Terms of the transaction were not disclosed.

Adam Abushagur, senior vice president investments, and Tyler Sharp, associate, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also procured by Abushagur and Sharp. Steven D. Weinstock, first vice president and regional manager, assisted in closing this transaction as the broker of record in Illinois.

“We overcame zoning challenges by assisting the buyer in obtaining flood insurance quotes and obtaining new zoning for a long-term solution,” said Sharp. “Ultimately, we were able to find a high-net-worth syndicated buyer in a timely fashion after working to match their investment criteria.”

“Even with the deferred maintenance, we were able to trade at a satisfactory price per foot, representative of the overall stable market sentiment,” said Abushagur. Armour Eckrich Meats Portfolio is located at 1861 South Henderson Street in Galesburg, Illinois; 142 Tortorice Lane in Independence, Louisiana; 4411 Township Road 142 in Findlay, Ohio and 190 Corner Stone Road in Alexander, Arkansas. The subject properties are situated on a combined 9.32 acres and were built in 1996, 2013, 2017, and 1999.

 

Full Article: ReJournals

2020-04-08T18:54:38+00:00