(For more retail coverage, click GlobeSt.com/RETAIL.)
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.
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