Lee & Associates has closed a $7 million sale transaction for an 84,388-square-foot industrial building located at 8201 W. 183rd Street in Tinley Park, Illinois. Terry Grapenthin, principal, Jeff Galante, principal, and Ryan Earley, vice president of Lee & Associates’ Illinois office represented the buyer, 7600 Grant BR LLC.
“After the successful disposition of a previously owned facility, our client was in a 1031 exchange situation,” Grapenthin said. “They had continued interest in well-located, multi-tenant properties outside of Cook County. This property was not on the market, but through an unsolicited offer to purchase, we came to terms and successfully closed to satisfy the exchange and avoid the substantial tax implications.”
The property was mostly leased at the time of purchase. The Lee & Associates team has been retained by the new owners to complete the balance leasing on the asset.