CORFAC News

Riverwoods, IL  (July 30, 2012) — Representing building ownership, John R. Homsher, CCIM, Principal, Adam J. Tarantur, Principal, and Randy D. Podolsky, SIOR, Managing Principal, of Podolsky Northstar CORFAC International (“PNCI”), have completed the sale of a 33,250 sf former school and synagogue on Chicago’s north side.

The seller, Ner Tamid Congregation of North Town, had been marketing the Rogers Park property for sale for over five years. Following the recent comprehensive relocation and redevelopment project overseen by Randy Podolsky for Evanston’s Roycemore School, Ner Tamid approached PNCI’s Not-For-Profit Team to assume marketing responsibilities for its property.

Within two weeks of accepting the assignment, PNCI had generated significant interest, resulting in several offers.  Within 30 days, they were under contract, at the full asking price.  The transaction closed shortly thereafter.

“Podolsky Northstar is proud to be recognized for our extensive hands-on dedication and experience working with 501(c)3 not-for-profit corporations regarding their real estate needs,” stated Tarantur.  “We bring a strategic and systematic process coupled with sound market economics to the process,” Podolsky added.

The new owner, Joan Dachs Bais Yaakov Elementary School/Yeshivas Tiferes Tzvi, Inc. will use the building to expand their existing school, located two blocks south of the former Ner Tamid site. The school serves students from pre-kindergarten through 8th grade.

Mitchell Iseberg provided broker representation to the buyer.  Bill Rosen of William H. Rosen Law in Chicago provided legal representation to the seller, and Michael Margolies of Skokie provided legal representation to the buyer.

About Podolsky Northstar CORFAC International:  The firm provides brokerage, tenant representation, acquisition, disposition, sale/leaseback, investment, build-to-suit development, property and facility management, and consulting services for industrial, office and investment properties. Its management portfolio includes more than three million square feet property, primarily in the Midwest. www.podolsky.com