A Chicago agency has cashed out of a suburban retail property not too long ago developed.
Key Growth Companions bought the 5-acre property at 15011-15081 South LaGrange Street in Orland Park to a pair of California buyers, Prepare dinner County public data present. Patrons Nicholas and Candida Athens made the transaction by way of an entity registered in San Carlos, Calif., named Triple Orland LLC. The sale value was $17.6 million, in keeping with Prepare dinner County data.
The property is an out of doors middle adjoining to Orland Sq. Mall, and contains the eating places Chipotle, Panera, Elevating Cane’s and BJ’s Brew. It’s made up of 4 single-tenant buildings and one multi-tenant constructing, in keeping with an inventory on LoopNet.
Key Growth constructed the buildings in recent times, in keeping with Orland Park metropolis paperwork. The developer demolished a 44,200-square-foot Toys R Us constructing that had been vacant since 2018, when the corporate went bankrupt.
That might not be the one redevelopment play within the works at or close to the Orland Sq. Mall, the place a vacant 200,000-square-foot Sears retailer was put in the marketplace in June. The shop has sat empty for 4 years. Greater than 100 Sears shops closed in 2018, and proprietor Seritage Progress, which handles Sears properties nationwide, has been attempting to refill it with a number of retailers. A dealer beforehand stated he expects whoever buys the Orland Park constructing to redevelop it right into a mixed-use property.
Indianapolis-based Simon Property Group owns the Orland Sq. Mall.
One other out of doors procuring middle subsequent to Orland Sq. was the topic of a $13.9 million foreclosures go well with from CMBS mortgage servicers who alleged BlitzLake Companions and GW Properties, the then-owners of the 164,000-square-foot property at 66 Orland Square, stopped making mortgage funds in Might 2020.