hsa commercial real estate plans new 30,000 sf retail building in orland park, illinois
May 20, 2005
(Chicago – May 20, 2005) Tim Blum, executive vice president and managing director of HSA Commercial Real Estate's retail brokerage division, announced that the firm has recently purchased 1 acre of land at the southeast corner of 151st Street and LaGrange Road in Orland Park, Illinois which included a vacant restaurant structure.
Blum said that HSA will redevelop the former Chi Chi's restaurant and the existing structure will be replaced with a new 30,000-square foot 2-story building offering retail space to restaurants and small shops. Construction is slated to begin by the end of the year with completion expected in the summer of 2006. David Keady, vice president at HSA, will serve as the exclusive leasing agent for the new building.
The property sits on the northern perimeter of Orland Park Place, a 600,000-square foot power center successfully developed by HSA in 1999. HSA recently sold the main structure at Orland Park Place to Inland Real Estate Corp., but retained several outlot properties on the perimeter of the development which are home to such tenants as National City Bank, TGI Friday's, Olive Garden and Canoe Club restaurant.
Celebrating more than 24 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 6,500 transactions in over 30 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 18 million square feet.
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