Evolution Real Estate Partners
Adds Tenants to Chicago Market Assets
Podolsky|Circle CORFAC International Completes Multiple Transactions for Investment Client
Podolsky|Circle CORFAC International announced the completion of multiple recent lease transactions in the Chicago market on behalf of Evolution Real Estate Partners.
Evolution Real Estate Partners (EREP) is a real estate investment firm that acquires Non-Performing Assets (“NPAs”), which include Non-Performing Loans (“NPLs”) and bank foreclosed real estate (Other Real Estate Owned – “OREO”), from under-served market segments in the U.S. and Europe. The firm seeks to provide capital appreciation, current yield and portfolio diversification to institutional and private investors alike through the acquisition, operation and ultimate disposition of commercial real estate. EREP is based in both Santa Monica, California and Atlanta, Georgia.
Adam J. Tarantur, CCIM, Principal, represented EREP in the following recent lease transactions:
Downtown Center, a 19,030 sq. sf. Office and Retail strip center, is located at 18201-18209 Dixie Highway, Homewood, IL. Tarantur completed transactions with two new tenants totaling over 10,000 sq. ft. at the property, raising the property’s occupancy from 26% to 77%. These are the first lease deals completed at Downtown Center since EREP acquired it in 2013:
- First Years University, Inc., an early childhood redevelopment center, leased 7,619 sq. ft. of space.
- Fratello’s Imports & Eatery, a dine-in restaurant and carry-out establishment, leased 2,473 sq. ft.
- All Circles, Inc., a local accounting firm.
- Carmeuse, Inc., a worldwide leading producer of high calcium and dolomitic lime, limestone and derived products.
- ELIM Outreach Training Center, a not-for-profit vocational and educational training center in the healthcare services field.
- Insurance Replacements, Inc., a jewelry insurance broker.
- Lorig Construction, a contractor specializing in heavy/highway construction in the Chicagoland area, for use as a field office.
- Trims Trucking, a freight brokerage.
- Walter Raines Realty, a full service commercial real estate brokerage company.
In addition to leasing services, Podolsky|Circle professionally manages the properties, along with five others assets for Evolution Real Estate Partners. Under Podolsky|Circle’s management, 1820 Ridge Road and Downtown Center in Homewood have gone through extensive renovation, including common area enhancements, upgrades to the mechanical systems, signage and exterior improvements.
“The breadth of Podolsky|Circle’s experience has allowed us to spread the widest net for finding the best-fit tenants for the properties, as well as breathing new life into assets that had been neglected for years,” stated Tarantur.