Marcus & Millichap has arranged the sale of a vacant, single-tenant industrial property located at 421 W. Industrial Ave. in Effingham, Illinois. The asset, an industrial facility that had been previously occupied but was empty at the time of closing, was transferred in an off-market transaction to a local private buyer.
Forest Bender, managing director of investments with Marcus & Millichap, described the deal as an owner-user sale that was the culmination of a long-term relationship with the sellers. He noted that the same team had sold the property to the Ohio-based owner years earlier as part of a 1031 exchange, and that the most recent transaction enabled the seller to realize a strong return when they elected to exit the investment.
Bender, an investment specialist in Marcus & Millichap’s Indianapolis office, held the exclusive listing to market the property on behalf of the Ohio-based seller, working in association with Steven Weinstock, who serves as Marcus & Millichap’s Illinois broker of record. Their assignment focused on positioning a vacant industrial building to attract new ownership despite the lack of in-place tenancy.
On the buy side, Jeremie Johnson and Nathan Whalen, also based in Marcus & Millichap’s Indianapolis office, identified and secured the purchaser, described as a local private entity. The transaction structure remained off-market, relying on the firm’s existing relationships and investor network rather than a broader public marketing campaign.
The property comprises a 110,344-square-foot industrial building situated on 5.3 acres in Effingham. Constructed in 1972, the facility reflects an older-vintage industrial asset and was not occupied at the time of the sale. Prior to going dark, the building had been used by NOVA Solutions, Inc., which had served as the previous tenant.
While pricing and other financial terms were not disclosed, the narrative around the transaction emphasizes the seller’s ability to achieve a strong return and the continuing investor interest in industrial properties, even when they are vacant. The buyer and seller were both private parties, with the seller based in Ohio and the buyer rooted in the local Effingham market.
Marcus & Millichap’s role extended across both sides of the deal, with one team overseeing the exclusive listing mandate and another team sourcing the buyer. The coordinated effort within a single brokerage platform highlights how investment sales specialists can reposition industrial assets through targeted outreach, particularly when there is no existing tenant in place.
The building’s history of prior occupancy by NOVA Solutions, Inc., combined with its size and acreage, provides a potential foundation for future industrial use under the new local ownership. However, the article does not specify the buyer’s intended business plan, future tenancy, or redevelopment strategy for the 1972-vintage facility.
