Overview

Description

CBRE is pleased to present, as the exclusive advisor, the opportunity to acquire a 100% fee interest in Orland Park Retail Center, a 9,338-square foot strip retail center located in the southwestern Chicago suburb of Orland Park, IL. The 100% occupied center was constructed in 2008 and consists of six suites ranging in size from 1,050 to 2,520 square feet.

Orland Park Retail Center is highly visible on the east side of La Grange Road, approximately 3.5 miles north of Interstate 80. La Grange Road is a primary thoroughfare, running north-south through Orland Park and the surrounding communities. Traffic counts in front of the Property are excellent with over 42,500 vehicles passing the site per day.

The Property is shadow anchored by Lowe’s Home Improvement. Other retailers immediately surrounding the Property include Target, Best Buy, ULTA, Petco, Jewel-Osco, REI, Chick-fil-A, Bonefish Grill, LongHorn Steakhouse, Red Robin and Five Guys. Retailers directly across from the Property on the west side of La Grange Road include Miller’s Ale House, and Stan’s Donuts and Coffee. Orland Park Mall is less than one mile north of the Property and is anchored by Van Maur, Macy’s, and JCPenney.

Highlights

• Strong Leasing Momentum: Orland Park Retail Center is currently 100% occupied by national tenants and has benefited from tremendous leasing activity at the site over the past few years. Crave Cookies has executed a new five-year lease commencing in December 2023. In 2020, Smoothie King, Poke Bros, and Red Wing Shoes all executed new leases at the site. A future investor can benefit from the Property having 11.64 years of weighted average lease term from inception.
• Lowe’s Shadow Anchored Center: Orland Park Retail Center is shadow anchored by Lowe’s Home Improvement, providing strong, consistent consumer traffic to the site. Additional retailers in the immediate area surrounding the center include Target, Jewel-Osco, Ulta Beauty, Jo-Ann Fabric, Petco, Shoe Carnival, Best Buy, Pet Supplies Plus, and REI, among others.
• Super Regional Location: The site is located in the heart of the dense Orland Park trade area, which is recognized as one of the most highly trafficked, well-established and sought-after retail trade areas in the Chicago MSA. The 11 million square foot retail corridor is ranked fifth in the Chicago suburbs with more than $2.49 billion in sales annually (2022).
• Situated Along a Major Retail Corridor: Orland Square Mall anchors the corridor. Orland Square mall is owned by Simon and is a 1.2 million square foot mall anchored by Von Maur, Macy’s, JCPenney, Apple, Pottery Barn and H&M, and includes 150 stores. Current rents are going for an estimated $700 per square foot in sales for higher-end tenants. Other retailers in the corridor include Dick’s Sporting Goods, Ross Dress for Less, Barnes & Noble, Hobby Lobby, PetSmart, Target, Whole Foods, Michaels, Ashley Homestore, ALDI, Dollar Tree, Five Below, Duluth Trading, Walgreens, and Walmart among others.
• Secure, National Income Stream: A new investor will benefit from the income stability generated from the strong credit tenants that occupy the center. The center is anchored by T-Mobile (NYSE:TMUS), operating nearly 27% of total GLA. T-Mobile has been at the center for over 15 years and has over 4 years remaining on its original lease term. Poke Bros and Smoothie King have annual rental increases of 2%. Red Wings has 10% rental increases in 2025 and Jersey Mike’s has a 10% rental increase in 2026.
• Strong Demographic Profile and Vast Trade Area: The Property draws from a vast trade area that includes a dense, well-educated, and high-earning population. Within the primary trade area is a population base of 279,217 with an average household income of $130,687. The average household incomes in the primary and extended trade areas are both approximately 24% above the national average.
• Outstanding Access, Visibility and Traffic Counts: The Property is ideally situated on La Grange Road (42,500 VPD), the main north-south retail thoroughfare. The Property has unobstructed views from La Grange Road and can easily be accessed via 95th Street which has numerous access points along LA GRANGE Road, 156th Street and 156th Place to help funnel consumers to the center.
• Chicago MSA Advantage: Chicago is home to the third-largest economy and is the third most populous MSA in the nation (Chicago MSA Population: 9.6 million). The city’s vibrant business climate, central geographic location, diversified economy, and available human resources have helped Chicago achieve a prominent position.

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