Bank-Owned Property Dispositions
Crystal Lake Industrial and Retail Buildings Sold to Owner/Users
Podolsky|Circle CORFAC International announced the completion of two recent sales transactions in the Chicago market on behalf of a regional bank.
- 580 E. Terra Cotta Avenue, Crystal Lake, IL, a 10,125 sq. sf. retail strip center, was sold to a private entity that will relocate their offices into approximately 6,000 sf. The brick building was 100% vacant at the time of sale and is designed for up to six tenants with spaces ranging from 960 sq. ft. to 4,220 sq. ft. It was built in 2006, is sprinklered, and features a drive-in door and parking for 33 cars. The buyer was represented by Mike Deacon of RVG Commercial Realty.
- 520 E. Dartmoor Drive, Crystal Lake, IL, a 105,746 single tenant industrial crane building, was sold to Terra Cotta Realty Co. The building features two 5-ton cranes and three 10-ton cranes along with eight drive-in doors, one interior dock, 3,000 amps of power and 230 car parking. The buyer was represented by Albert H. Scherb of Ameritus LLC.
“Podolsky|Circle’s 28-plus years’ experience representing bank-owned properties makes us the ideal disposition partner for banks looking to dispose of distressed property,” stated Homsher. “We possess the industry tools and market reach to achieve property-specific solutions that satisfy both our clients and the ultimate purchaser.”