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15601 - 15625 S 94th Avenue - Orland Park Plaza - Orland Park Plaza, Orland Park, IL
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15601 - 15625 S 94th Avenue - Orland Park Plaza - Orland Park Plaza
Orland Park, IL 60462-4722 - South Route 45 Submarket
4.67 AC (203,425 SF)
For Sale Price:
Total Space Avail:
Free Surface spaces are available; Ratio of 1/1,000 SF
Anchored by high traffic generating anchor Savers. Close proximity to Orland Square mall, Target Greatland, Jewel, and Lowe’s Home Improvement. 312 vehicle parking, signalized intersection.
Auction Starts: 04/03/2017
Auction Ends: 04/05/2017
Property tours are available by appointment ONLY. Please contact Joshua Joseph to schedule at firstname.lastname@example.org or 847-212-5842.
Investment Highlights: 59,875 SF Multi-Tenant Shopping Center; 87% Occupancy Extraordinary Investment Opportunity to Purchase a Cash Flowing Asset well located within the Orland Park Commercial Corridor Nearby Retailers include; Lowe’s, Target, Whole Foods, and Jewel-Osco The Property shares a Signalized Intersection with Lowe’s & Benefits from Excellent Visibility to Over 15,000 VPD Orland Park is a Premier Community located 25 Miles Southwest of Chicago’s Loop is Consistently Ranked as one of America’s Top 100 Best Places to Live Favorable Demographics; Over 174,000 Consumers with Average Household Incomes in Excess of $99,000 within a 5-Mile Radius
Orland Park Plaza, is a neighborhood center located at 15601 – 15625 S 94th Avenue in Orland Park, IL. The offering represents the opportunity to acquire a strong-performing shopping center with a mix of tenants, in-place income, and potential upside through lease-up of the vacant space.
Orland Park Plaza is a one-story, ±59,875 SF neighborhood shopping center that is currently ±86% leased to four tenants on a mix of net and gross leases and an ±8,000 SF unit is vacant. In place NOI for 2017 is approximately ±$447,000. The subject was built in 1980 and has ample parking with ±312 spaces on-site. The Plaza shares an intersection with Lowe’s Home Improvement and is surrounded by national retailers including Staples, Target, Whole Foods, and Jewel-Osco among others.
The tenants at the Plaza include Saver’s Thrift Superstore, Art & Company, Space Golf and Surface Solutions. Saver’s Thrift Superstore is the largest tenant at Orland Park Plaza occupying ±48% of GLA with a ten year lease expiring in 8/2022 and 2 five year renewal options. Three of the four in-place tenants at Orland Park Plaza all have long term leases expiring in 2021-2023. Space Golf is currently MTM and will provide an investor the opportunity to renew at market rates. With a vacant ±8,000 SF unit, an investor is awarded the opportunity to increase returns and cash flows through lease-up.
Orland Park Plaza is located in the Orland Park commercial corridor, a suburb of Chicago. With over 11 million square feet of retail and the best restaurants, Orland Park is one of the busiest retail trade areas proximate to Chicago. Orland Park Plaza benefits from solid traffic counts of ±15,000 VPD. The demographics are also very favorable to the Property’s tenancy with over ±174,000 people within a 5-mile radius and average household incomes of over $99,000.
With occupancy at ±86.62% and solid in-place income, Orland Park Plaza is an extraordinary investment opportunity to purchase a cash flowing asset in a strong commercial corridor, with the ability to add value by increasing the occupancy rate.
CLICK HERE TO CONTACT THE SALES BROKER
FOR SALE CONTACTS
Frontline Real Estate Partners
Joshua E Joseph
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CLICK HERE TO CONTACT THE LEASING BROKER
FOR LEASE CONTACTS
Lagestee-Mulder Commercial Construction & Real Est
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