Jun
12

Metro Chicago Real Estate Foreclosure Sale Set

June 12, 2011

Looking to make a commercial real estate investment? A foreclosure auction of an upscale shopping center southwest of Chicago is slated for Monday, though you’ll be up against a tough bidder.

Orland Park Crossing, which is considered to be a retail “lifestyle” center, is located on the northeast corner of LaGrange Road and 143rd Street in southwest suburban Orland Park.

Orland Park Crossing

Orland Park Crossing

A lifestyle center is an open-air shopping center filled with upscale national chain specialty stores. This center is home to such retailers as Ann Taylor, Chico’s, Talbots, Coldwater Creek and Francesca’s Collections.

The Orland Park mall is the only open-air lifestyle shopping center in Chicago’s southwest suburbs. The mall also features Yankee Candle, P.F. Chang’s China Bistro, Panera Bread, First American Bank, Charles Schwab Investment Services and a Starbucks.

If the foreclosure sale goes through, you can bet Wells Fargo will be one of the bidders; the bank filed a lawsuit last year to foreclose on the property, claiming it was owed almost $17 million.

According to the SouthtownStar, Wells Fargo could make a credit bid on the property, where all it has to offer is a portion of the amount it’s owed on the original loan, which was almost $16 million.

Developed by Davis Street Land Co., the center opened in 2005 as a scaled-down version of the original plan for that mall, which would have included two department stores and a 16-screen movie theater in almost a half-million square feet of retail space.

But after the Von Maur department store chain pulled out of the project in 2001, Davis Street had to create a smaller version. The current mall is just under 140,000 square feet.

The auction is scheduled for Monday morning at the offices of Intercounty Judicial Sales Corp. in Chicago.

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