An industrial building located at 8500 West 185th Street in Tinley Park has been sold for $10,250,000. The asset spans 97,000 square feet, resulting in a price per square foot of $106. The transaction involves a leaseback agreement; Southpoint Three LLC will retain 31,000 square feet of the property. Venture One Real Estate intends to renovate the property, which is currently 44% leased.

Summary of transaction details:

• Property Type: Industrial
• Transaction Amount: $10,250,000
• Square Footage: 97,000
• Address: 8500 West 185th Street
• Market: Tinley Park
• Buyer: Mark Goode & Roy Splansky - Venture One Real Estate
• Seller: Southpoint Three LLC
• Broker: Joshua T. Hearne - Cawley Commercial

Joshua T. Hearne of Cawley Commercial represented Southpoint Three LLC in this transaction and will be responsible for leasing activities moving forward. The deal reflects the strategic move by Venture One Real Estate to enhance its portfolio through the acquisition of this industrial space while also maintaining a portion in a leaseback arrangement.