Cawley Commercial Real Estate (Cawley CRE) has completed the sale of 8500 W. 185th Street, a 97,073-square-foot multi-tenant industrial building in Tinley Park, and subsequently secured three long-term, off-market leases totaling 54,472 square feet within five months of being retained by the property’s new ownership.
Cawley CRE’s Joshua Hearne, SIOR, Andrew Bobak, and Reinier Pranger represented both the seller, Roberts Environmental Control, and the buyer, Venture One Real Estate, in the direct sale of the property.
At the time of the sale, the building was 44% leased, leaving three of the property’s five units available for lease. Following the acquisition, Venture One made improvements to the vacant units and property, including office renovations, painting, energy-efficient lighting, and parking lot paving.
Cawley CRE was then retained by Venture One to represent the company as landlord and execute the leasing strategy for the remaining vacant space. The Cawley team secured three long-term, off-market leases totaling 54,472 square feet within five months, bringing the 97,073-square-foot building to full occupancy.
The industrial leasing activity included:
- 16,566 SF: 3,291 SF of office space, heavy power, two exterior docks, and one drive-in door.
- 20,924 SF: 1,702 SF of office space, three exterior docks, and one drive-in door.
- 16,982 SF: 1,236 SF of office space, three exterior docks, and one drive-in door.
“This was a great addition to the Venture One portfolio: a high-image, pre-cast, multi-tenant industrial building with highly functional loading,” said Joshua Hearne, SIOR.
“We exceeded Venture One’s expectations by securing three long-term, off-market leases in just five months. We were honored to be retained by Venture One following the acquisition to represent the property and help get the building fully occupied so quickly.”
The vacant units ranged from 16,566 to 20,924 square feet and offered dedicated office space, exterior dock loading, drive-in access, and electrical service ranging from 400 to 1,400 amps. The fully air-conditioned building is also equipped with an ESFR sprinkler system. The transaction highlights Cawley CRE’s ability to create value for owners throughout the investment lifecycle. From representing both parties in the direct acquisition of the property to subsequently representing Venture One as landlord, the Cawley team helped facilitate the transaction and then execute the property’s leasing strategy, ultimately securing three off-market tenants in five months and bringing the building to full occupancy.
