Ashkenazy Acquisition Corp., continued its buying spree with the acquisition of Orland Park Place, a regional power center in a densely populated suburb of Chicago, for $60 million. This new transaction is part of the firm’s continued strategy to deploy $750 million for the acquisition of best-in-class retail, hospitality and distressed debt throughout the United States. PMAT Companies was the seller in the new transaction, and Webster Bank PMAT Companies was the lender.
The 600,000-square-foot shopping destination features retailers such as Nordstrom Rack, Dick’s, Marshalls, Ross, Planet Fitness and Barnes and Noble.
“Ben Ashkenazy and I shook hands to an all-cash, no-contingency deal with a quick close. Our team is delighted with the execution and the outcome,” said PMAT founder and CEO Bob Whelan.
Orland Park Place follows Ashkenazy’s recent acquisition of the Shops at Atlas Park in Queens, N.Y. from Macerich.
Orland Park Place is located about 25 miles southwest of Chicago at the intersection of LaGrange Road and West 151st Street, easily accessible via several interstate highways, and in close proximity to downtown Chicago.
