CHICAGO—Podolsky|Circle CORFAC International was recently named as the exclusive property management and leasing representative for a series of retail properties located across the Chicago region. The Riverwoods, IL-based firm was once primarily known for its work in the industrial and office sectors, but it has begun transforming itself into a full-service provider.

“We realized that even though our clients really appreciate our specialized knowledge, they also want us to be able to handle all of their other needs,” Adam J. Tarantur, principal and sales manager, tells GlobeSt.com. And many owners now have assets in several classes and need an array of services.

For example, as reported in GlobeSt.com, last summer Podolsky|Circle started a construction services arm and can now do tenant build-out, ground-up construction, construction management and advisory services. In addition, the company's middle market investment advisory group recently completed the sale of College Plaza Shopping Center, a 100,000-square-foot power center located at 1700 E. College Ave. in Normal, IL.

In the largest of its new retail assignments, Podolsky|Circle has been named the exclusive marketing representative for Metropolitan Square, a 101,500-square-foot retail center located across from the Des Plaines Metra station in downtown Des Plaines, IL. The center has 28,864 square feet of vacant space, and Tarantur says that “activity there has been great,” usually from prospective tenants looking for between 1,000 square feet and 6,000 square feet.

Filling up suburban retail spaces can be a challenge these days. “There are some markets that are so tight that three tenants can be clamoring for the same space,” but “it's very dependent on the property itself.” In general, “there are a lot of options for retailers today.”

But he has an aggressive strategy. “I'm not waiting for people to come to me after finding the center in their searches.” That could be important, because the center has advantages that prospective tenants might not know about.

“This property is very important to the city of Des Plaines,” he says. Municipal officials “have made it clear that they want to bring in more retail,” especially to Metropolitan Square due to its central and visible location. Therefore, a number of incentives are available that can help tenants, especially restaurants, with needed build-outs or renovations. “That can mean significant savings.”

The Metra station serves as a transportation base for approximately 2,500 passengers per day. The grocery-anchored center already features a Shop & Save Market that occupies a 40,000-square-foot space. Alongside Shop & Save are nationally-recognized retailers such as Panera, Potbelly Sandwich Works and Fifth Third Bank. Additional tenants Include Giordano's, Tap House Grill, L.A. Tan, Hair Cuttery and Forever Yogurt. The available spaces range from 918 to 11,619 square feet. Several of the units can be combined, allowing for a variety of configurations.

Another new assignment for Podolsky|Circle is 1040-1060 Sutton Rd. in Streamwood, IL, a 17,500-square-foot neighborhood center. The recently-constructed, two-building strip center is well located near the Sutton Rd.-Irving Park Rd. intersection, within a retail corridor anchored by Super Target. Podolsky|Circle has been engaged to lease and manage this asset for a local real estate investor.

The center is 97% leased with one 1,700-square-foot space available. Other tenants include Jimmy Johns, SportClips and Kiddie Academy; all are national credit tenants. A signalized entrance on Sutton Rd. allows for easy ingress/egress to and from the center.

Podolsky|Circle also is managing, leasing and placed debt for Northwind Center in north suburban Libertyville, IL. The 20,203-square-foot center that was developed in 2005 is located at 1725 – 1793 Northwind Blvd., immediately across the street from the Libertyville Sports Complex.

This center currently has spaces from 1,952 square feet, an end-cap position, to 7,691 square feet, a prominent center location. The larger space is divisible. Existing tenants of the center include Be Well Fitness, Core Martial Arts & Fitness and Libertyville Chiropractic.

The center is located in a demographically-rich area featuring approximately 22,000 residents with an average household income of over $135,000. Median single family home values exceed $450,000. Additionally, there are over 18,000 employers within a 3-mile radius of the property.

“Success in this business is largely contingent on the ability to adapt to the changing needs of the market and your client base,” Tarantur says. “At Podolsky|Circle we are doing that—adding new divisions, expanding services and adding personnel. It's what our clients and the marketplace expect from us.”

Instant Insights /

Podolsky|Circle Takes on New Retail Assignments

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