TINLEY PARK, IL-Podolsky Northstar sold a 100,000-square-footindustrial building here that had been taken into receivership inFebruary. The Southpoint 1 facility sold to Middletown, RI-basedKVH Industries, the sole occupant that had leased 40%, for about$4.3 million.

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Podolsky was appointed receiver, property manager and brokeragent by lender Lincoln Financial Group, which had taken over fiveproperties in February after foreclosure. The portfolio includesthe recently sold facility, as well as Southpoint II, an empty100,000-square-foot building.

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The two buildings are in the Tinley Crossings Corporate Center.The other three buildings include the nearly-vacant70,000-square-foot industrial building at 3600 Thayer Ct. inAurora, and two fully leased buildings at 554 Territorial Dr.,Bolingbrook, IL and 7330 Madison St. in Willowbrook, IL, bothtotaling about 40,000 square feet.

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Randy Podolsky, managing principal of the firm, says thesale shows that there is still value out there for buyers. “Aseller may not get more than replacement cost, but at least lendersaren’t giving properties away,” Podolsky tells GlobeSt.com.

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Podolsky and Adam Tarantur, VP, represented the lender in thetransaction. Larry Johnson with CB Richard Ellis representedKVH.

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