Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOFFMAN ESTATES, IL-A 158,313-sf grocery-anchored shopping center at Golf and Barrington roads here has sold, reportedly for its $23 million asking price. The Hoffman Village Shopping Center, 93% occupied, is anchored by a 70,922-sf Dominick’s grocery store.

Dominick’s has a lease through February 2007, according to Mid-America Real Estate Corp. marketing material. However, a 200,000-sf Menard’s store is planned just south of the center, the firm notes. The next largest tenant in the center is Putting Edge, a “glow-in-the-dark” miniature golf operation, which occupies 17,590 sf. Also on the tenant roster are Blockbuster Video, Washington Mutual, GNC, Radio Shack and Creative Scrapbooks. Based on the center’s 2004 net operating income, the property was sold at a 7.5% capitalization rate.

The deal includes a 17.2-acre site, but not four outparcels that include a Mobil gasoline station, Bank One, National Tire & Battery and a vacant Burger King restaurant.

Deerfield-based Jaeger Real Estate has owned the 17-year-old center for nine years, according to property records. The property was sold to a private investor from California, according to Rick Drogosz of Mid-America Real Estate Corp., who brokered both sides of the deal.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.