Sold: 102,647 Square-Foot Center in Federal Opportunity Zone
Chicago, IL-(ENEWSPF)- Matanky Realty Group announced today the selling of Orchard Park Plaza. Matanky Realty represented the local seller in the disposition of 3-building retail property in Park Forest, according to the announcement.
According to the IRS, “An Opportunity Zone is an economically-distressed community where new investments, under certain conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they have been nominated for that designation by the state and that nomination has been certified by the Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service.”
The Village of Park Forest released the following document regarding these opportunity zones (provided by Matanky Realty Group):park-forest-opportunity-zone
The Complete Announcement
Matanky Realty Group today announces that Senior Vice President and Director of Brokerage, Terri Cox, along with Broker Associate, Don Wagener, have closed on the sale of a 102,647 square-foot shopping center located at 80-138 S. Orchard Drive in downtown Park Forest, Ill.
Freedom Development Group purchased the 13.99-acre, three building property for an undisclosed price. The over 100,000 square-feet of retail space includes a fully equipped grocery store, auto repair center and is anchored by Family Dollar.
“We are incredibly excited about the sale of Orchard Park Plaza,” said Cox who represented the seller. “The buyer has enormous opportunity in leasing the remaining vacancies and developing the additional acreage acquired in the sale. With over 142,000 people in five miles of the property, this is a phenomenal purchase. We look forward to the future for the center.”
In addition to the ample acreage, buyers were attracted to the property due to its location in a Federal Opportunity Zone. According to the Internal Revenue Service, Opportunity Zones are “economically distressed communities where new investments, under certain conditions, may be eligible for preferential tax treatments.” Opportunity Zones are an economic development tool that is designed to spur job creation and economic interest in distressed communities through the aforementioned tax incentives provided.
Matanky Realty Group specializes in these underserved markets, providing brokerage, development, management and construction services since 1955. According to CoStar reports, in 2018 the firm completed 81 retail leasing transactions totaling 338,566 square feet. Within its current portfolio, the group has nine listings located within Federal Opportunity Zones.
Terri Cox, Senior Vice President and leader for the brokerage arm, is a licensed real estate broker with over 30 years of sales and marketing experience. She has worked exclusively as a commercial
real estate broker for over 25 years, representing the interests of developers, landlords, and tenants. Cox’s efforts have allowed her team to be recognized as the Chicago Developer of the Year in 2000 and 2006. Individually, she has been awarded CoStar’s Power Broker of the Year in 2013, 2014, 2015, 2017 and 2018.
Don Wagener is a 14-year commercial real estate veteran with a specialized retail and industrial focus. He has brokered lease and sale transactions for retail, warehouse, manufacturing plants, intermodals, and planned developments in Chicagoland as well as throughout Northwest Indiana. He is licensed in both Illinois and Indiana and is an active member of the International Council of Shopping Centers.