PMAT Pays $75M for Suburban Chicago Shopping Center

PMAT has purchased Orland Park Place, a 649,668-square-foot open-air regional center in Orland Park, Ill. DRA Advisors sold the asset for $74.6 million, according to public records.

The tenant roster at Orland Park Place features a diverse mix of national retailers including Nordstrom Rack, Dick’s Sporting Goods, Marshalls, Ross Dress for Less, Hobby Lobby, Old Navy, Barnes & Noble, DSW and Ashley Furniture. Steinhafels will fill a former Bed Bath & Beyond store. At the time of the sale, the shopping center was 87 percent occupied.

Mid-America Real Estate Corp. brokered the transaction, with Principals Ben Wineman, Rick Drogosz and Joe Girardi from the Investment Sales Group working on behalf of the seller. Pine Tree managed the shopping center.

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DRA Advisors sold the open-air regional center as part of its strategy to offload a $2.3 billion portfolio it acquired in 2016, The Real Deal reported. The company purchased Orland Park Place almost two decades ago for $76.9 million, Yardi Matrix data shows.  

Chicago’s retail rebound

Located on some 45 acres, the retail center is within Chicago’s Southwest Cook County submarket. Orland Park Place serves more than 160,000 residents within a 5-mile radius, with an average household income exceeding $133,000, according to Mid-America.

At the end of last year, DRA sold a 172,697-square-foot retail center in Darien, Ill., in a transaction arranged by Mid-America. PMAT has also recently sold a 124,005-square-foot shopping center in Downers Grove, Ill. Broder & Sachse Real Estate purchased the property, while Mid-America brokered the deal.

Chicago’s overall retail vacancy rate stood at its lowest year-end point on record in 2023, according to Marcus & Millichap. In a recent report, CBRE also noted that the market’s availability will continue to decline. Absorption is expected to remain strong, as retailers expand into prime space, following in-city migration trends to emerging districts, .