Podolsky Northstar CORFAC International represented Jefferson-Pilot Investments in the sale of a 19,920-square-foot industrial building located at 554 Territorial Drive in Bolingbrook. The property is one of five buildings Jefferson-Pilot acquired through foreclosure in 2010, and the fourth to be sold with Podolsky Northstar’s representation. The investment marketing team of Randy D. Podolsky, SIOR, managing principal, and Adam J. Tarantur, senior vice president, handled the assignment.
Podolsky Northstar had served as court-appointed receiver and property manager, then as the exclusive listing agent, before arranging the sale of the property for Jefferson-Pilot Investments, a subsidiary of The Lincoln Financial Group. The current tenant, Tyco Flow & Valve, will vacate the property at the end of March 2012, which means the seller will have never experienced any downtime or loss of income.
Podolsky also represented the purchaser, Universal Laminating & Converting, as dual agents in the transaction. Universal Laminating & Converting is a full service film laminating, UV coating and paper converting company that has been serving customers nationwide since 1987. They will be using the building to add to their existing operations located at 560 Territorial Drive in Bolingbrook, adjacent to the newly acquired asset.
“This transaction defines the term ‘win-win,’ as the seller and buyer were both pleased with the results,” Podolsky said.
“Universal Laminating & Converting’s business is doing well enough to necessitate permanent additional space,” Tarantur said. “Buying the building next door was a clear fit. The seller is thrilled to never have experienced a period without income during their ownership of the property.”
The modern, single-tenant property at 554 Territorial Drive sits on 1.83 acres of land along the Interstate 55 corridor in Will County. Constructed in 1998, the building features 24-foot clearance, ESFR sprinklers and 6,500 square feet of office space.
Dan Minor of Voyrs, Sater, Seymour & Pease provided legal services to the seller.
