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Orland Park Place Goes to Inland for $77M

ORLAND PARK, IL-HSA Commercial Real Estate gets $129 per sf for the power center at the southeast corner of LaGrange Road and 151st Street, but the price rises to $142 per sf if a 32,803-sf vacancy is leased.

By Mark Ruda | Updated on May 02, 2005

ORLAND PARK, IL-Orland Park Place, a 598,054-sf power center across 151st Street from Simon Properties Group’s Orland Square Mall, has changed hands for at least $76.9 million. Inland Real Estate Corp. acquired the property from HSA Commercial Real Estate, which could earn another $8.3 million if the 32,803 sf vacant space at the center is leased.

The tenant roster at the center includes Dick’s Sporting Goods, Bed Bath & Beyond, Sportmart, SteinMart, K&G Superstore, Wickes Furniture, Old Navy, DSW Shoe Warehouse, Barnes & Noble, Office Depot and Cost Plus World Market. The five-mile trade area, HSA Commercial Real Estate notes, has a population of 155,498 as well as an average household income of $97,740. Traffic counts include 38,000 vehicles per day along LaGrange Road, 26,000 vehicles per day along 94th Avenue and 20,100 vehicles per day along 151st Street.

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