HSA purchased the property in 1999. The firm approached Menards to construct a store on the site and, during negotiations, Menards decided to purchase the property, according to a released statement on the sale. Shannon Pope, vice president of HSA's retail brokerage division, represented both Has and Menard's in the sale.

The village of Long Grove has already approved plans for the project. Menards expects to begin construction this summer with the store planned to open early next year. Menards will also market several outlots on the site for future development, according to the released statement. HSA did not respond to requests for an interview.

The village is having a swell of retail success. Earlier this year, Green Courte Partners, based in Lake Forest, IL, purchased a collection of 12 retail buildings in Long Grove's historic downtown district. With more than 50,000 sf, the purchase was approximately half of the existing retail in the village. The collection has an approximate 90% occupancy rate with an average lease rate is in the "low to mid $20s" per sf, said Bob Duncan, managing director of Green Courte, in February.