Orland Park Plaza

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Orland Park, IL

 

     

Orland Park Plaza is a 650,000-square-foot institutional quality Select Open Air Retail (SOAR) center in an affluent suburb of Chicago, IL

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The center is anchored by Dick's Sporting Goods, Hobby Lobby, Marshalls, B&N, Ashley Furniture, Nordstrom Rack, and Steinhafels Furniture. At the time of acquisition, the asset was 84% occupied - representing a great value-add opportunity in a market with average occupancy over 90%. 

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Orland Park Plaza is positioned at signalized intersection of La Grange Rd and 151st St with 57,000 vehicles per day. Demographics in the area are strong with 163,000 people living in a 5 mile radius earning average incomes of over $133,000. 

 

This was a strategic buy for PMAT, purchasing at a significant discount on in-place income with upside, compared to seller's basis. PMAT was able to acquire this center because the motivated seller at the end of 2014 vintage fund life which is forcing a sale. Seller was prepared to sell despite historically low occupancy and leasing momentum.