A real estate investment company based in Florida has purchased Hoffman Plaza, which is situated in Hoffman Estates, for almost $14.2 million. Sterling Organization bought the shopping center, which covers 168,342 square feet, on Friday, following a period of three years during which the real estate company had been continually expressing its interest in the property.
The plaza was originally built 40 years ago, back in 1972, and underwent renovations just four years ago, back in 2008. It is anchored by Dania Furniture and Jewel-Osco. The center features a number of other retailers, including Denny's, Goodyear, Papa John's and Sally Beauty. The chief executive officer and president of Sterling Organization, Brian Kosoy, says that his firm intends to have improved signage installed for the plaza, adding that there is also a chance that, in the future, there may be traffic lights installed, with neighboring properties a possibility for integration within the center some time over the course of the next couple of years.
"We like the real estate fundamentals and believe that we can improve the center and add value to it," Kosoy notes, pointing out that the nearest property owned by his company to Hoffman Estates is in Cicero.
Gary Skoog, the economic director of Hoffman Estates, says that there is also the prospect of his company being interested in buying two properties that were recently acquired by the village at both 75 and 85 E Golf Road. "I think the village's purchase of the properties on Golf Road will be a nice compliment to the continued redevelopment of the center," he states, adding that once the buildings that currently stand on those properties have been demolished, the village is likely to consider selling the land.
