Podolsky|Circle CORFAC International announced the sale of a 21.12 acre land site in Bolingbrook, IL. Podolsky|Circle Principals Randy D. Podolsky and Adam J. Tarantur, CCIM, represented the sellers, a group of private investors, in the transaction. The buyer, a private development entity, ultimately plans to construct a high end multi-family rental community.
The 21.12 acre site is located minutes from I-355, less than ½ mile from The Promenade Bolingbrook. It is the only site of its size located in such close proximity to the 750,000-square-foot shopping center. Tarantur noted, “This sale demonstrates that, despite market conditions, well-located land will always retain its long-term value. In this case, the investors realized a positive end result.”
Given its convenient location, great access, visibility and proximity to existing developments like The Promenade Bolingbrook, the original plans for the site some six years ago included a mixed use development. Those plans originally included a multi-family and affordable housing component as well as multi-tenant and corporate build-to-suit office space.
Ensuing economic conditions precluded development from moving forward. Subsequently, based on advice and counsel from Podolsky and Tarantur, the investment group sought to take advantage of the site’s location and improving conditions to market the site.
“Once the economic downturn took hold, the original plans for the site were no longer viable,” Podolsky said. “The best course of action for the investors then became seeking out the highest and best use for the site—high-end multi-family—and the specialized developer who could make that plan happen.”
Legal counsel for the seller was provided by Glenn Taxman at Much Shelist.
