Matanky Realty Group closed on the sale of a 102,647 square-foot shopping center located in an Opportunity Zone at 80-138 S. Orchard Drive in downtown Park Forest, Illinois. Freedom Development Group purchased the property for an undisclosed price.
Located on 13.99 acres, the three buildings that make up the property provide more than 100,000 square feet of retail space, including a fully equipped grocery store, an auto repair center and anchored by Family Dollar. Matanky Realty Group senior vice president and director of brokerage, Terri Cox, along with broker associate, Don Wagener, facilitated the transaction.
“We are incredibly excited about the sale of Orchard Park Plaza,” said Cox who represented the seller. “The buyer has enormous opportunity in leasing the remaining vacancies and developing the additional acreage acquired in the sale. With over 142,000 people in five miles of the property, this is a phenomenal purchase. We look forward to the future for the center.”
In addition to the ample acreage, buyers were attracted to the property due to its location in an Opportunity Zone, an economic development tool designed to spur job creation and economic interest in distressed communities through via tax incentives. Matanky Realty Group specializes in these underserved markets, providing brokerage, development, management and construction services since 1955. According to CoStar reports, in 2018 the firm completed 81 retail leasing transactions totaling 338,566 square feet. Within its current portfolio, the group has nine listings located within Opportunity Zones.