Ashkenazy Acquisition Corp. Acquires 600,000-Square-Foot Power Center in Chicago for $60 Million

NEW YORK & CHICAGO--(BUSINESS WIRE)--Ashkenazy Acquisition Corp., a private real estate investment firm owned by Ben Ashkenazy, continues its buying spree with the acquisition of Orland Park Place, a dominant, institutional quality 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.

The 600,000-square-foot shopping destination features retailers such as Nordstrom Rack, Dick’s, Marshalls, Ross, Planet Fitness, and Barnes and Noble, among others, which draws some of the most robust tenant sales volumes in the country.

PMAT Companies was the seller in the new transaction, and Webster Bank was the lender.

“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.

The acquisition of Orland Park aligns perfectly with Ashkenazy’s strategy of investing in well-located, value-add retail centers in densely populated, infill locations with an excellent merchandising mix.

Orland Park Place follows Ashkenazy’s recent acquisition of the Shops at Atlas Park in Queens, NY 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.

About Ashkenazy Acquisition Corporation

Headquartered in New York City, Ashkenazy Acquisition Corporation is a private real estate investment firm focusing on retail, hotel and office assets. Ashkenazy Acquisition has acquired over 15 million square feet of real estate, located throughout the United States and Canada. With a portfolio containing more than 100 buildings valued at $12 billion, Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets countrywide.