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California Buyer Picks Up Grocery-Anchored Center

HOFFMAN ESTATES, IL-The 158,313-sf Hoffman Village Shopping Center at Golf and Barrington roads is sold by Deerfield-based Jaeger Real Estate, reportedly for its $23-million asking price. A 70,922-sf lease with Dominick's expires February 2007.

By Mark Ruda | Updated on November 16, 2005

(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.

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