A joint venture of Scott Goodman’s Farpoint Development and Langdon Partners acquired property spanning 122,000 square feet at 1854 North Besly Court on Chicago’s North Side, reported Crain’s. The joint venture purchased the property from a Sterling Bay entity that originally acquired the building in 2014.

The brick buildings with a giant billboard have been used for storage and warehousing for years. The site overlooks the Kennedy Expressway, and it is the first property Sterling Bay has sold to Goodman. JLL brokered the sale to Farpoint.

Goodman co-founded Sterling Bay in 1987 and left in 2016 to launch Farpoint. Meanwhile, his former partner, Sterling Bay CEO Andy Gloor, has assembled properties along the Chicago River for Lincoln Yards, a 53-acre mixed-use campus megaproject. The sale comes as Sterling Bay struggles with financial challenges at Lincoln Yards, and the developer recently proposed additional apartments near the Lincoln Yards site.