Matanky Realty Group sells Bishop Plaza for $11.5 million

By AI, Created 4:56 AM UTC, June 03, 2026, /AGP/ – Matanky Realty Group completed the $11.5 million sale of Bishop Plaza in Chicago’s Back of the Yards after more than 30 years of ownership and redevelopment. The deal underscores continued investor demand for stabilized neighborhood retail assets and comes as the surrounding corridor sees more than $150 million in active redevelopment.

Why it matters: - Bishop Plaza changed hands for the first time in more than 30 years, marking a major exit for a long-held neighborhood retail asset. - The sale highlights ongoing investor interest in daily-needs shopping centers with stable occupancy and income. - The deal comes as Chicago’s Back of the Yards corridor has more than $150 million in active redevelopment underway.

What happened: - Matanky Realty Group completed the $11.5 million sale of Bishop Plaza on April 30. - The 76,075-square-foot retail and medical shopping center sits at 1400-1424 West 47th Street and 4626-4644 South Bishop Street in Chicago’s Back of the Yards neighborhood. - Matanky Realty Group represented the seller and sourced the buyer, a family office, through its national marketing campaign and industry relationships.

The details: - Bishop Plaza is anchored by Burlington and University of Illinois Health. - The tenant mix includes America’s Best, CSL Plasma, Little Caesars and the U.S. Postal Service. - The center serves a trade area that includes residential, industrial, warehousing and manufacturing users. - The property was highly occupied at the time of sale and produced a stable income stream. - Bishop Plaza was owned by a partnership managed by James E. Matanky. - Terri Cox, senior vice president of sales, worked on the property when it was much smaller and had significant vacancies. - MRG added the post office in 1994. - Matanky Realty Group led several redevelopment phases, including the acquisition and redevelopment of the former Jewel-Osco property on the east side of Bishop. - After attempts to bring back a smaller grocery store, MRG restabilized the property with national tenants. - Haley Dickerson led the marketing campaign. - Jessica Miedema of the law offices of Matanky and Matanky, Ltd. represented the seller.

Between the lines: - The sale shows how long-term redevelopment can turn a vacancy-plagued center into a durable asset that appeals to institutional-style private buyers. - The family-office purchase fits a broader market trend toward stable, income-producing retail properties in strong neighborhood locations. - MRG’s in-house brokerage, marketing, leasing and property management platform appears to have supported a full-cycle exit after decades of ownership.

What’s next: - The Back of the Yards corridor is likely to keep drawing attention as redevelopment continues and retail investment stays active. - Matanky Realty Group will continue to buy, sell, lease and manage Chicagoland retail assets and provide third-party property management services. - Terri Cox and James E. Matanky remain central figures in the firm’s brokerage and civic leadership work.

The bottom line: - Bishop Plaza’s sale closes a 30-year chapter for Matanky Realty Group and reinforces demand for well-located, stabilized neighborhood retail centers.