Palm Beach, Fla.-based Sterling Organization recently announced the acquisition of Hoffman Plaza—a 168,342-square-foot shopping center located in Hoffman Estates. The property was purchased for $14.15 million through the company’s institutional fund, Sterling Value Add Partners. Located around 25 miles northwest of Chicago’s CBD on North Roselle Road at the intersections of Golf Road and Higgins Road, Hoffman Plaza is currently 95 percent leased.
The shopping center is anchored by a 47,715-square foot Jewel Osco grocery store and a 45,111-square-foot Dania Furniture store. Other retailers in the plaza include Jackson Hewitt Tax Service, Sally Beauty, Goodyear, Papa John’s and Denny’s. Originally developed in 1972, Hoffman Plaza was renovated in 2008.
“We had been pursuing this deal on and off for almost three years, and I believe that our years of perseverance have finally paid off,” said Brian Kosoy, president and CEO of Sterling Organization. “Hoffman Plaza represented an opportunity to acquire a grocery-anchored center located in a strong market with solid demographics and tremendous traffic counts at an opportunistic price. We know the deal has many moving parts and are eager to get working on improving the property for the community and creating value for our partners.”
The Daily Herald reports that Hoffman Estates’ Economic Development Director Gary Skoog also declared interest in acquiring two properties that were recently acquired by the village. The two properties, located at 75 and 85 E. Golf Rd., are thought to compliment the continued redevelopment of the center and the village. After demolishing the existing buildings, the company is expected to look into selling the land.
Photo Courtesy of: www.cbremarketplace.com
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