Podolsky|Circle Completes One Million Sq. Ft. Portfolio Sale
Sale Consists of Eight Industrial Buildings in Belvidere, IL
Podolsky|Circle CORFAC International has announced the completion of the sale of an investment portfolio totaling 1,006,960 square feet. Steven H. Podolsky, SIOR and Corey B. Chase represented the purchaser, a Boston-based real estate investment company, in the transaction.
The portfolio consisted of eight industrial buildings all located in Belvidere, IL. At the time of sale, the buildings were 94% occupied.
The seller, The LandMark Group, is one of the largest privately held commercial real estate development companies in the Midwest. The company offers comprehensive services ranging from site acquisition and land development to architectural design, construction, and project financing.
“This transaction was made possible due to the overall tenant mix and creditworthiness, as well as the quality of the real estate,” stated Chase.
Podolsky added, “The buildings ranged in size from 70,000 to 250,000 sq. ft. and were all modern buildings with 28’ to 30’ clear ceilings and ESFR sprinkler systems. This portfolio represents the majority of the newer modern industrial buildings in the Belvidere area.”
In assisting with this transaction, Podolsky|Circle worked with John Folvig, CFA, a partner at LandMark since 2000.
The LandMark Group was self-represented in the transaction.