Podolsky will market and manage both properties, which were built in 1998. Southpoint I is only 41% occupied by KVH Industries. Southpoint II, once occupied by tenant a division of ITW, is vacant. The prior ownership was Wrightwood Capital. Randy Podolsky, managing principal of his self-named firm, says they "couldn't cover their debts with vacancy like that." The asking rent at the properties had been $5.50 per square foot, and the sale price had been around $65 per square foot, but now Podolsky says both are negotiable.
Podolsky tells GlobeSt.com that he dealt with dozens of receiverships about 20 years ago, and sees more trouble ahead. "I think it's just starting for commercial real estate foreclosures and workouts. Last year was the year of the residential fallout, the commercial side is coming now," he says.
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