Bob Whelan Of PMAT Acquires Retail Center In Orland Park For $74.6M
15207 South La Grange Road
$74,600,000
$114/SF
Building Size
649,668 SF
Asset Type
Retail
Closing
Mar 12, 2024
About this deal
AI
Orland Park Place is a 649,668-square-foot retail center located at 15207 South La Grange Road in Orland Park. The property was sold for $74.6 million in a transaction between buyer Bob Whelan of PMAT and seller David Luski of DRA Advisors. The deal reflects a robust retail market in Chicago, with the property boasting a diverse tenant mix and an 87% occupancy rate.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $74,600,000
- Market: Orland Park
- Acres: 45
Ben Wineman, Joe Girardi, and Rick Drogosz of Mid-America Real Estate Corp acted as the brokers in the transaction, facilitating the deal between Bob Whelan of PMAT and David Luski of DRA Advisors. The acquisition of Orland Park Place signifies strong investor demand in the Chicago retail market, supported by the property's favorable characteristics.
On the Map
$74,600,000
$114/SF
Retail
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Orland Park Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93