June 14th, 2011Upscale Orland Park Mall Hits The Auction Block
A foreclosure sale for Orland Park Crossing, an upscale shopping center at the northeast corner of LaGrange Road and 143rd Street, is scheduled to be held Monday morning in Chicago.
The sale, if it occurs, won’t affect the retail center’s tenants, which include Ann Taylor, Chico’s, Coldwater Creek, Francesca’s Collections, Omaha Steaks, Panera Bread and Talbots.
Wells Fargo, which loaned the mall’s developers nearly $16 million, had filed a lawsuit last year to foreclose on the property, saying it was owed nearly $17 million. An Oak Brook firm, Edgemark Commercial Real Estate Services, was later named to manage and market the shopping center.
Bidders, including Wells Fargo, will be able to take part in the property sale, which will be held at the offices of Intercounty Judicial Sales Corp. Wells Fargo could make what’s known as a credit bid for the property, which doesn’t require it to actually pledge cash for the property but rather all, or a portion, of the amount it’s owed on the original loan.
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