A New York investment group just paid $60 million for one of Chicago’s premier suburban shopping centers. The Orland Park Place deal signals strong investor appetite for well-leased retail assets.
Ashkenazy Acquisition Corp. acquired the 580,477-square-foot retail complex from PMAT Real Estate Investments in late 2025. Mid-America Real Estate Corporation’s Investment Sales team brokered the transaction between the two parties.
The power center sits along South LaGrange Road across from Orland Square Mall. Located about 25 miles southwest of downtown Chicago, the property anchors a busy commercial corridor.
Why Investors Are Betting on Suburban Retail
The deal reflects a broader shift in where smart money is flowing right now. Downtown retail continues struggling while suburban centers post strong performance numbers consistently.
Orland Park Place is approximately 93% leased with major national tenants throughout the property. Nordstrom Rack, Marshalls, Ross Dress for Less, and Dick’s Sporting Goods anchor the center.
The tenant mix also includes Ashley HomeStore, DSW, Barnes & Noble, and Planet Fitness. This balance of discount apparel, home goods, and lifestyle uses drives steady foot traffic.
Local demographics support the investment thesis for this location. Roughly 159,000 residents live within five miles, with average household incomes exceeding $130,000 annually.
The Buyer’s Strategic Pivot
Ashkenazy Acquisition Corp. has historically focused on high-profile urban shopping venues nationwide. This purchase represents a deliberate push into Chicago’s suburban retail scene instead.
The firm recently raised a $750 million fund targeting retail acquisitions. They’re specifically hunting for properties available from overleveraged owners at discounted prices.
Ashkenazy and its partners have been pivoting away from troubled downtown Chicago holdings recently. Earlier acquisitions include a $22 million Far North Side retail property purchased in 2023.
Seller Strategy: Carve Out the Best Parts
PMAT Real Estate Investments owned Orland Park Place for only about 21 months total. The Louisiana-based firm purchased it in March 2024 for approximately $74 million.
The $60 million sale price reflects a strategic carve-out rather than a loss. PMAT retained five outlot parcels fronting LaGrange Road where new restaurants recently opened.
Fogo de Chão and Dave’s Hot Chicken now occupy those retained outparcels. This strategy let PMAT monetize the main center while keeping prime roadfront real estate.
Mid-America brokers Ben Wineman, Joe Girardi, Rick Drogosz, and Patrick Corrigan represented PMAT. This marks the third time Mid-America has successfully sold this property.
More Suburban Deals Signal Market Strength
Orland Park Place isn’t the only Chicago-area retail center changing hands right now. Mid-America also brokered the $44 million Deerbrook Shopping Center sale in Deerfield.
That 428,612-square-foot property features Jewel-Osco, Marshalls, Floor & Décor, and Office Depot. Locally based Core Acquisitions purchased it from a global investment advisor this November.
Core Acquisitions has been aggressively buying retail centers as larger institutional owners lighten their portfolios. They paid $10.6 million for Park Center in Tinley Park last year.
The firm also acquired Woodfield Plaza in Schaumburg for $6.25 million recently. They quickly signed Sky Zone indoor trampoline park to backfill a vacant anchor space.
The Numbers Tell the Story
Chicago metro retail vacancy hit a nearly 30-year low of 4.9% by mid-2025. New construction remains minimal with only 758,000 square feet under development.
With inventory this tight, landlords can push rents higher and attract national brands. Prime suburban corridors are seeing spaces that once held local merchants fill quickly.
Downtown tells a completely different story with persistent vacancy challenges plaguing landlords. The Magnificent Mile vacancy rate remains stubbornly high at approximately 28.8% currently.
The central Loop hovers around 30% vacant amid diminished office foot traffic problems. Many prominent downtown retail landlords have faced tenant departures and loan defaults.
What This Means for 2026
Retail real estate investment is surging despite broader economic uncertainty in other sectors. U.S. retail property sales totaled roughly $40 billion through September 2025.
That represents a 38% jump from the same period one year earlier nationwide. Industry experts predict continued interest in Chicagoland’s suburban retail assets heading into 2026.
Steady occupancy and limited new development create favorable conditions for landlords here. For communities like Orland Park, aggressive investment capital signals confidence in brick-and-mortar retail.
The suburbs continue offering what downtown cannot deliver right now for investors. Strong demographics, high occupancy, and national tenant demand make these assets attractive long-term holds.
