ORLAND PARK, IL-Vacancy at Orland Park Place has been slashed by more than half, as discount retailer Marshall's has signed a 39,000-sf lease at the 598,054-sf center at 151st Street and LaGrange Road. That leaves 32,803 sf available at the center, where Dick's Sporting Goods, Kohl's, Old Navy, SteinMart, Barne's & Noble, Office Depot and Bed Bath & Beyond already are main tenants.
The center was sold earlier this year by HSA Commercial Real Estate for $76.9 million to a joint venture between Inland Real Estate Corp. and New York State Teachers' Retirement System. HSA Commercial Real Estate, which built the center in 1999, is in line to earn another $8.3 million when it leases the remaining vacancy at the center, which commanded a 7.6% capitalization rate.
HSA Commercial Real Estate vice president David Keady handled negotiations for the joint venture. Gary Greenfield of Metro Commercial Real Estate represented Marshall's.
In an unrelated deal in the south suburbs, the 38,500-sf Fountainbleu Court strip center at 3400-80 W. 183rd St. in Hazel Crest has been sold for $5.4 million. The center is 89% leased to tenants that include Bank One, Blockbuster and Radio Shack.
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