Orland Park’s biggest box just got a new landlord, and he’s from out of town. A New York real-estate outfit has scooped up Orland Park Place, the big-box power center in the south suburbs, for $60 million, according to a transaction announced Friday. The open-air complex, sitting across from the shuttered Orland Square Mall, has long been a regional magnet thanks to its cluster of national chains and heavy weekend traffic. The keys now belong to Ashkenazy Acquisition Corp., the investment vehicle run by developer Ben Ashkenazy.
Deal Terms: All Cash, No Drama
According to a press release from Business Wire, Ashkenazy Acquisition Corp. closed on Orland Park Place for $60 million, with PMAT Companies as the seller and Webster Bank stepping in as the lender. "Ben Ashkenazy and I shook hands to an all-cash, no-contingency deal with a quick close," PMAT founder and CEO Bob Whelan said in the release, underscoring just how fast this one came together.
Big Boxes, Big Footprint
PMAT Acquisitions pegs the center at about 650,000 square feet and highlights anchors including Nordstrom Rack, Dick's Sporting Goods, Marshalls, and Barnes & Noble. The Real Deal reports the property’s address as 15207 South La Grange Road, at the signalized intersection of La Grange Road and 151st Street, directly across from Orland Square Mall.
Ashkenazy’s Shopping Spree Goes National
The Orland Park buy is one piece of a much bigger hunt. Ashkenazy Acquisition Corp. said it plans to deploy $750 million to acquire retail, hospitality, and distressed-debt assets across the United States, according to its press release via Business Wire. The Orland Park deal follows the firm’s summer acquisition of The Shops at Atlas Park in Queens, as reported by Commercial Observer.
Flipped In Under A Year, With More Changes Likely
PMAT itself was a relatively short-term owner. The company bought Orland Park Place from DRA Advisors in March 2024, with public records and reporting putting that sale at roughly $74.6 million, according to Commercial Property Executive. PMAT’s own materials described the complex as a value-add opportunity, with occupancy in the mid-80s at acquisition. That framing suggests that under Ashkenazy’s watch, new leases, tenant shuffles or physical upgrades are all very much in play as early moves at Orland Park Place.
