Podolsky|Circle Completes Sale Transactions of Bank-Owned Properties Totaling over 76,000 SF
Podolsky|Circle CORFAC International has announced the completed sale transactions of three bank-owned properties totaling more than 76,000 square-feet and located in Broadview, Batavia and Crystal Lake, Illinois. The cumulative value of the transactions was more than $2.0 million.
- A private investor has purchased a 30,000 square-foot industrial building located at 1919 19th Avenue in Broadview as an investment. The 30 percent leased multi-tenant REO property features 16’ clear ceiling height, three exterior docks and four drive-in doors. John R. Homsher, CCIM, Principal at Podolsky|Circle, represented the seller, a local bank, in the sale.
- Barco Products acquired a 26,412 square-foot office building located at 24 N. Washington in Batavia, Illinois. Built in 1893, the limestone facility was a former schoolhouse and today, it’s a multi-tenant office property. Barco, a distributor of outdoor products and signage for commercial properties, plans to convert the facility to accommodate the relocation of their Batavia-based corporate headquarters. Homsher and Randy D. Podolsky, SIOR, Managing Principal at Podolsky|Circle, co-represented the seller, a regional bank, along with John Gamble of ReMax Excels.
- A private investor has purchased the Coventry Green Professional Building, a 20,305 square-foot office building located at 453 Coventry Lane in Crystal Lake, IL. Podolsky|Circle received the assignment to sell the 20,305-square-foot building in May 2011 when the property became an REO asset for a regional bank. While the building was being marketed for sale, Podolsky|Circle completed numerous lease renewals for many of the existing tenants. At the time of sale, the building was 45% occupied. The building was an ideal fit for the new owner, who is planning to relocate affiliated companies into the property, absorbing some of the currently vacant space. They currently occupy an office at the property and were very familiar with the asset. Homsher, Podolsky and Paul M. Eleftheriou, Senior Vice President, Brokerage at Podoslky|Circle completed the various transactions at Coventry.