Ashkenazy Pays $60M for Chicago Retail Center
This property traded for $73 million last year.
Ashkenazy Acquisition Corp. has acquired Orland Park Place, a power center in Orland Park, Ill., a submarket of Chicago. PMAT Cos. sold the asset for $60 million after a year of ownership, in a quick no-contingency deal. Mid-America Real Estate represented the seller and Webster Bank served as lender.
The acquisition comes as Ashkenazy is investing $750 million to expand its portfolio in retail, hospitality and distressed debt in the U.S. A spokesperson for Ashkenazy told Commercial Property Executive that the company is continuing to look for investments in premier properties, focusing mainly on retail opportunities in major cities across the country.
Most recently, the firm acquired Shops at Atlas Park, a 374,000-square-foot retail center in Queens, N.Y., from Macerich and an unnamed partner. Ashkenazy plans to modernize the property.
A retail center near Chicago
PMAT had purchased Orland Park Place from DRA Advisors in March 2024 for $73.3 million, according to Yardi Matrix information. CIBC Bank USA had provided a $53.4 million loan for that acquisition.
The current transaction involved the sale of the property’s primary 568,577-square-foot inline center and a 11,900-square-foot freestanding restaurant outparcel. PMAT retained ownership of five outlot buildings totaling more than 65,000 square feet.
The retail center was 93 percent leased at the time of sale. Its tenant roster includes Barnes & Noble, Hobby Lobby, Nordstrom Rack and Planet Fitness, alongside other national and local retailers.
Located at 49 Orland Park Place, the property is across from the Orland Square Mall along South La Grange Road and U.S. Route 45. Downtown Chicago is roughly 28 miles away.
Mid-America Real Estate Principals Ben Wineman, Joe Girardi and Rick Drogosz, together with Senior Associate Patrick Corrigan, represented the seller in the transaction.
Retail investment rebounds nationwide
According to JLL’s U.S. Retail Market Dynamics report, transaction volumes reached $40 billion year-to-date through September, up 38 percent year-over-year and 51 percent from 2023, reflecting broader retail market trends. The third-quarter investment alone amounted to $17 billion, the largest quarterly sales volume since 2022.
The sector also saw positive net absorption of 4.7 million square feet from July to September. This marks the start of industry stabilization, as the first half of the year had witnessed negative absorption totaling 14.4 million square feet.
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