Court ruling favors Orland Plaza owners

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Updated: March 4, 2012 8:09AM

A few years could mean a big difference in the amount of money that five Orland Plaza tenants will get for the time remaining on their leases, according to a judge’s ruling.

But with the shopping center’s remaining businesses closing their doors by Valentine’s Day, it could be summer before the five learn how big a check they’ll receive.

Orland Park is paying $7.5 million to acquire the strip mall, which will be demolished to make way for the Main Street redevelopment project, the first phase of which includes a 295-unit luxury apartment building.

The five businesses, which were not part of a broader settlement last year involving other tenants, are sparring in court with the owners of Orland Plaza, LaGrange Road and 143rd Street.

To determine how much they will get for their unexpired leases, the five wanted the difference based on local, market-rate leases at the time Orland Park filed its eminent domain lawsuit against the center’s owners in September 2008.

At that time, the full effect of the recession on the commercial real estate market had yet to be felt, and area rental rates still were high. Because of Orland Plaza’s age, many tenants enjoyed reasonable rents compared with those in newer retail centers in and around Orland Park, so in theory, using the older date would be more lucrative for them.

The center’s owner, Orland Park Building Corp., wanted Feb. 14 to be the date used — when the last of the tenants have to be out and Orland Park takes ownership of part of the property.

Last month, Cook County Circuit Judge Alexander White ruled that Sept. 15, when the papers settling Orland Park’s eminent domain case were filed, would be the date used to determine the payments. That date appears to favor the plaza owners because the gap between what tenants are paying and current market rental rates has narrowed.

The tenants involved in the case are Bloomingfield’s Florist & Gifts, Creative Cabinetry, Knitting Etc., Orland Park Bakery and Syman Jewelers.

Later this month, they’ll present reports showing what current market rental rates are. A trial date in late May has been set in the event both sides can’t reach a settlement.