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Formers Macys Department Store 2 Orland Square Dr

202,788 SF Retail Building Orland Park, IL 60462 For Sale

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Investment Highlights

2 Orland Square is a two-story, 202,788-square-foot former department store turned creative studios that is ready for redevelopment.
Orland Square is the city’s largest indoor mall, offering a robust collection of name brands, various services, and several restaurants.

Situated on over 16 acres along the heavily traversed and highly visible Highway 45 with exposure to over 47,500 daily drivers.
Investors will benefit from the prime Chicago suburb location, exceptional visibility, and immense repurposing potential.

Executive Summary

For Sale or lease is a REDEVELOPMENT OPPORTUNITY: As currently configured, this opportunity offers an unparalleled opportunity for an owner/user to acquire over 16 acres which can accommodate multiple redevelopment opportunities. EXCELLENT SALES PERFORMANCE: The Property is located as an anchor space in Orland Square Mall, a super-regional mall that is one of the best performing malls in the State of Illinois and serves as a major retail destination for the entire Chicago Southland Suburban Region. SUPER REGIONAL LOCATION: The site is located in the heart of the dense Orland Park trade area, which is recognized as one of the most highly trafficked, well established and sought-after retail trade areas in the Chicago MSA. The 11 million square foot retail corridor is ranked fifth in the Chicago suburbs with more than $1.95 billion in sales annually (2020)

Property Facts

Sale Type

Investment or Owner User

Property Type

Retail

Property Subtype

Retail

Building Size

202,788 SF

Building Class

Year Built

1977

Tenancy

Single

Building Height

2 Stories

Building FAR

0.29

Lot Size

16.29 AC

Zoning

Retail - Commercial

Parking

804 Spaces (3.96 Spaces per 1,000 SF Leased)

Frontage

1,738 FT on South 94th Avenue

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The retail market surrounding South Route 45 is a surprising mix of nature preserves and lakes to the northeast and commerce, entertainment, and residential living to the south. Orland Park, at the area’s core, is home to the 1.2 million-square-foot Orland Square Mall, the largest mall in the south and southwest suburbs of Chicago. The mall has witnessed quite a few transformations through the years, adjusting to the new climate of retail. It now houses Robert Morris College Tech Center (300 employees) where there was once a movie theater; Texas de Brazil moved into the former Sears’ second floor; and the Dave & Buster’s entertainment center was built near the former Toys “R” Us outlot. To the south is Tinley Park’s outdoor music venue Hollywood Casino Amphitheatre, with a 28,000-spectator capacity. Owned by Live Nation, the theater hosts numerous concerts and live music festivals throughout Chicago’s temperate months.

Plenty of work gets done here, too, with businesses employing hundreds of area residents. Over 10 healthcare facilities retain collectively over 50,000 employees, including 1,800 from Palos Health in Palos Heights and 640 from Northwestern Medicine’s Orland Park location. Other large firms include wire manufacturer Panduct (1,200 employees) in Palos Heights and plumbing and mechanical fabricator ASC Engineered Solutions (288 employees) in Tinley Park.

DEMOGRAPHICS

Demographics

1 Mile 1 Mi. 3 Miles 3 Mi. 5 Miles 5 Mi.

1 Mile

3 Mile

5 Mile

15 min drive

2024 Population

10,367

71,130

165,807

289,742

2029 Population

10,022

68,659

160,969

284,242

2024-2029 Projected Population Growth

-3.3%

-3.5%

-2.9%

-1.9%

Median Age

43.6

45.2

45.4

44.1

College Degree + Higher

35%

40%

38%

23%

Daytime Employees

14,135

34,448

68,590

120,308

Total Businesses

1,528

4,259

9,439

15,771

Average Household Income

$96,979

$111,454

$115,577

$109,419

Median Household Income

$79,663

$90,541

$92,726

$88,015

Total Consumer Spending

$134M

$1B

$2.3B

$3.9B

2024 Households

4,064

27,330

63,228

110,410

Average Home Value

$298,189

$327,334

$333,221

$313,316

Nearby Amenities

Restaurants
Texas de Brazil	-	-	6 min walk
Cajun Boil & Bar	Seafood	$$$	9 min walk
Petra Restaurant & Bakery	-	-	9 min walk
Panera Bread	-	-	9 min walk
Chipotle Mexican Grill	-	-	10 min walk
Raising Cane's	-	-	10 min walk
Pita Pit	-	$	11 min walk
Bj's Restaurant & Brewhouse	-	-	10 min walk
Panda Express	-	-	11 min walk
ChikWich @ Market Fresh Grill	-	-	12 min walk

Retail
Perfect Workout	Fitness	4 min walk
Stewart Title	Insurance	4 min walk
Plato's Closet	Unisex Apparel	5 min walk
JCPenney	Dept Store	5 min walk
Sky Zone	Fitness	7 min walk
Dave & Buster's	Arcade	8 min walk
Von Maur	Dept Store	8 min walk
Wells Fargo Home Mortgage	Bank	9 min walk
Duluth Trading Co.	Unisex Apparel	11 min walk
Stretchlab	Fitness	11 min walk

Hotels
Quality Inn	149 rooms 7 min drive
Hampton by Hilton	158 rooms 7 min drive
Homewood Suites by Hilton	81 rooms 7 min drive

PROPERTY TAXES

Parcel Number	27-10-301-008-0000	Improvements Assessment	$1,740,966
Land Assessment	$1,064,585	Total Assessment	$2,805,551

PROPERTY TAXES

Parcel Number

27-10-301-008-0000

Land Assessment

$1,064,585

Improvements Assessment

$1,740,966

Total Assessment

$2,805,551

Sale Advisor

(800) 338-6369

Contact

Christine Wei, Chief Commercial Officer

(800) 338-6369

Contact

Christine Wei is a Chief Commercial Officer at Cubework. Christine is an experienced professional with a demonstrated history of working in the Commercial Real Estate Industry and previously worked at Alliance Bankcard Services as a Senior Sales Executive.

(708) 671-6731