Podolsky|Circle Named as Manager, Agent and Asset Advisor for Seven Building Portfolio
Podolsky|Circle CORFAC International has been named manager, agent and asset advisor for a seven-building portfolio consisting of office, industrial and retail buildings totaling 164,000 square feet. The buildings are located in Chicago’s south and west suburbs. Hibernian Pacific Holdings, LLC recently purchased the buildings from a regional bank as part of a larger portfolio containing both REO assets and non-performing loans.
According to Alissa Adler, Principal at Podolsky|Circle, the buildings have been undermanaged and undercapitalized for years. Hibernian purchased the properties at significantly below replacement cost, which will allow them to invest capital and be aggressive in seeking deals to stabilize the assets.
Hibernian Pacific Holdings, LLC, an affiliate company of Los Angeles based Evolution Capital Management, developed a patent-pending debt financing structure that allows sellers and buyers to bridge the gap between asking and offering price. This service has allowed Hibernian to close on approximately $125 million of distressed assets from community banks around the country over the last six months.
Podolsky|Circle will provide property management for the portfolio in addition to marketing the available space for the properties. Melissa Podolsky, RPA, Principal and Director of Property Management at Podolsky|Circle, stated, “We have an extensive track record of providing management and brokerage services for distressed office, industrial and retail properties. Our dual focus on instituting and maintaining both superior tenant relationships and facility maintenance programs where they were previously absent has proven to be consistently accretive for our clients.”