Podolsky Northstar sold the properties on behalf of a conglomerate of 13 private investment groups, which had owned the various properties for 30 to 40 years. Podolsky said they decided to sell the property for "a myriad of reasons" including "low cap rates, high demand and appetite for these types of products today" and "when you continue to own real estate your after-tax effects are impacted by less depreciation, and maybe less interest write offs." His company will continue to manage the properties in the portfolio and handle the leasing.

The properties range in size from 5,000 sf to 400,000 sf. The majority of the properties, 16 buildings with a total of 800,000 sf, are on 33 contiguous acres in Schiller Park, IL and are known as the O'Hare International Plaza. The other seven buildings are in the surrounding areas, such as Elk Grove Village, Franklin Park, Itasca, Schiller Park and Des Plaines, as well as a fully leased, 377,000 sf facility at Arthur and Lively boulevards in Elk Grove Village.

One of the major tenants is the Osco Drug division of Albertson's/SuperValu which leases a 309,000-sf distribution facility at 2401-2501 Lunt Ave. in Elk Grove Village. Other major tenants include pen manufacturer Pentel, plastic pail manufacturer Ropak Corp., airline catering and logistics provider Gate Gourmet and General Electric. The properties are currently more than 90% occupied by 38 different tenants. Podolsky said he could not disclose an average lease rate for the portfolio because of the variety of types of properties. The average lease rate for the area ranges from $4.50 per sf, net to $7 per sf, net, he says.