Podolsky Northstar CORFAC International has completed the sale of a 97,600-square-foot industrial building on behalf of a JPMorgan Chase affiliate. The sale was completed in a 120-day timeframe, subsequent to Randy Podolsky, SIOR, managing principal, being named as court appointed receiver for the property and JPMorgan Chase then taking control of the property through the deed-in-lieu process.
The property, located at 833-855 Commerce Parkway in Carpentersville, was sold to a private investor. Terms of the sale were not disclosed.
After being appointed receiver in July 2011, Podolsky quickly determined the newer industrial building had been poorly operated: vacant spaces had not been maintained, accounting records were incomplete or non-existent, and the tenants were generally unhappy. Podolsky worked to shore up the mismanaged asset, focusing on low cost, high benefit tenant relations.
Once JP Morgan Chase obtained title to the property, it retained Podolsky Northstar to continue as manager, as well as to dispose of the asset within a prescribed 120 day timeframe.
Though tasked only with selling the asset, Podolsky Northstar implemented a strategy to make the property more attractive by increasing occupancy. Podolsky Northstar leased a 25,600-square-foot unit to KDM Enterprises and also extended and expanded an existing tenant, Groth Manufacturing, to a total of 16,000 square feet. At the time of the sale, occupancy had been increased by 43 percent.
The property was sold to a real estate investor at a purchase price 26 percent greater than other investors’ offers. Additionally, it was concluded prior to the end of the calendar year, exceeding the seller’s expectations for price and timing.
Podolsky Northstar has been retained as the property manager for the new owner. Melissa L. Podolsky, RPA, senior vice president, managed the asset through the receivership and the sale, and will continue on as the property manager of the asset.
