A New York investor has paid $60 million for a shopping center southwest of Chicago, which it said is part of an ongoing plan to invest $750 million throughout the country.
Ashkenazy Acquisition on Friday announced the purchase of Orland Park Place, an approximately 580,000-square-foot shopping center across the street from the Orland Square shopping mall.
The seller was Covington, Louisiana-based PMAT.
Just a few months earlier, the firm led by billionaire real estate developer Ben Ashkenazy paid $72 million for the Shops at Atlas Park in the Glendale neighborhood of Queens, a New York borough. The seller in that deal was shopping mall giant Macerich.
In the statement announcing the Chicago-area sale Friday, Ashkenazy said the deal is “part of the firm’s continued strategy to deploy $750 million for the acquisition of best-in-class retail, hospitality and distressed debt throughout the United States.”
Ashkenazy’s announced sale price is well below the $74.6 million that seller PMAT paid for the property in Orland Park, Illinois, in early 2024.
But PMAT and Mid-America Real Estate, which brokered the sale, said the deal did not include some outparcels that were part of the firm’s 2024 acquisition of the property running along LaGrange Road and West 151st Street.
PMAT President Kevin Kush said the firm maintains ownership of five standalone buildings fronting LaGrange Road, which total more than 65,000 square feet. Tenants in those buildings include Fogo de Chao and Dave’s Hot Chicken, and the firm is looking to add other tenants, Kush said.
Those buildings are across the street from the Whole Foods-anchored Ravinia Plaza.
“The quality of this remaining real estate is unparalleled — some of the best dirt that we own across our portfolio,” Kush said in an email to CoStar News.
PMAT opted to sell the remainder of the center after signing new leases totaling more than 35,000 square feet and renewals for more than 100,000 square feet combined.
Tenants at Orland Park Place include Nordstrom Rack, Dick’s Sporting Goods, Barnes & Noble and Planet Fitness.
PMAT recently was involved in a similar deal west of Chicago, selling the Wind Point Shopping Center in Batavia to Arkansas-based Core Equity Partners for $25.5 million. That was more than the $20.5 million that PMAT paid in late 2022, and PMAT retained ownership of some outparcels.
For the record
The seller was represented by Mid-America Real Estate brokers Ben Wineman, Rick Drogosz, Joe Girardi and Patrick Corrigan.