Mid-America Real Estate Corporation’s Investment Sales Group brokered the sale of Orland Park Place, a regional retail center strategically located along the primary commercial corridor of LaGrange Road in the south suburban Chicago community of Orland Park.
This institutional-quality asset is 93% leased with excellent sales performance and offers upside potential in one of Chicago’s top retail submarkets. This marks the third opportunity in Mid-America’s history to execute on a successful sale of this retail destination.
The 580,477-square-foot property features a strong credit rent roll and well-curated merchandising mix, anchored by leading national and regional retailers including Nordstrom Rack, Marshalls, Ross Dress for Less, Dick’s Sporting Goods, Steinhafel’s Furniture, Ashley Home Store, Hobby Lobby, DSW, Barnes & Noble, and Planet Fitness.
Located approximately 25 miles southwest of downtown Chicago, Orland Park is an established community in the Southland region. Within a five-mile radius, the trade area serves approximately 159,000 residents with average household incomes exceeding $133,000.
The subject sale included the primary 568,577 square foot inline center and one 11,900-square-foot freestanding restaurant outparcel. The seller, PMAT Real Estate Investments, retains ownership of the five outlot buildings fronting LaGrange Road that total over 65,000 square feet and include a new-to-market Fogo de Chao and a new-to-market Daves Hot Chicken among other quality national tenants.
Mid-America Real Estate Corporation Principals Ben Wineman, Joe Girardi, Rick Drogosz, and Investment Associate Patrick Corrigan acted as the exclusive listing brokers on behalf of the seller, PMAT Real Estate Investments, a nationally active Suburban Open-Air Retail (SOAR) investment firm based in New Orleans, LA. The property was acquired by a private partnership led by New York, NY based Ashkenazy Acquisition Corporation.
