Jefferson Pilot Investments has completed the sale of Southpoint II, one of five buildings in the Chicago market it acquired through foreclosure in 2010. Podolsky Northstar CORFAC International represented Jefferson Pilot in the transaction that was valued in excess of $3.2 million.
Exeter Property Group, a real estate private equity firm that has invested in and managed over $7 billion in properties over the past 20 years, made its first acquisition in the Chicago metropolitan area in acquiring Southpoint II, located in the Tinley Crossings Corporate Center at 8451 W. 183rd Place in Tinley Park.
Podolsky Northstar CORFAC International, which had served as court-appointed receiver, property manager and broker agent, then as the exclusive listing agent for the owner, arranged the sale of the property for Jefferson Pilot Investments, a subsidiary of Lincoln Financial Group. This is the third sale Podolsky has arranged from the five-building portfolio in just over six months.
“This transaction continues to demonstrate the improvements being made in Chicago’s industrial market,” Adam J. Tarantur, Vice President, Podolsky Northstar CORFAC International, said in a release. “The fact that Exeter would select this property as its entry into the local marketplace speaks well of the property and the potential Exeter sees in the market.”
Southpoint II is a 101,050-square-foot industrial building that sits on 5.46 acres. The building is currently divided into two spaces totaling 56,700 square feet and 44,350 square feet. Additional features of the building include 100 percent air conditioning, 24-foot clear ceilings, white walls and flooring, 4000 amps of power, crane rails in place and approximately 13,500 square feet of office space.
Randy D. Podolsky, managing principal of the firm, and and Tarantur represented building ownership in the transaction. Dan Minor of Vorys, Sater Seymour & Pease LLP provided legal services for the seller. Kelly Anne Donohoe, Silverang & Donohoe, LLC. represented the legal interests of the buyer.
