Marcus & Millichap Completes $4M Sale of Two-Property Industrial Portfolio
Marcus & Millichap has successfully closed the sale of a two-property industrial portfolio located in Princeville, Illinois, and Lafayette, Indiana. The portfolio traded hands for a total of $4 million.
“This transaction highlights a growing trend of cross-sector investment,” said Peter Doughty, Managing Director of Investments. “The buyer, a seasoned multifamily investor completing a 1031 exchange, saw this as an opportunity to diversify into the industrial sector.”
The transaction was managed by Peter Doughty and Brandon Houghtaling, investment specialists in Marcus & Millichap’s Chicago Downtown office, in coordination with Josh Caruana, the firm’s broker of record in Indiana. Dan Yozwiak and Darpan Patel from the firm’s Columbus and Tampa offices represented the buyer.
The industrial portfolio comprises a 51,000-square-foot facility located at 610 S. Walnut Street in Princeville, Illinois, and a 38,700-square-foot facility at 3517 Crouch Street in Lafayette, Indiana. Both facilities are fully leased to FCA Packaging, a national provider of heavy-duty industrial packaging solutions for global OEMs.
