Barrington Square Town Center in Hoffman Estates sold for $9 million

Barrington Square Town Center on Higgins Road in Hoffman Estates has been sold for $9 million, marking the shopping center’s first change of ownership since 1979.

SVN Chicago Commercial brokered the deal between the Dutch ownership group Depa Holding Company, along with its U.S. partner Caruso Development Corporation, and the local investment group represented by Harris Ali of Sky High Real Estate that purchased the site.

Barrington Square is a 101,769-square-foot neighborhood shopping center on 11 acres that occupies the addresses of 2300-2356 West Higgins Road. Among its tenants are Poplar Creek Bowl, Garibaldi’s Italian Eatery and GiGi’s Playhouse.

A new element of the center’s attractiveness is it neighbors the recently approved luxury apartment complex Grand Reserve of Hoffman Estates on the former site of Menards.

The first of the two highly amenitized apartment buildings is scheduled to begin construction this spring, with the entire complex expected to be completed in 2030.

Wayne Caplan, senior vice president of SVN Chicago Commercial, spoke of the role Barrington Square and the forthcoming apartment complex played in the marketing of the shopping center.

“Barrington Square Town Center is an almost 100% leased, neighborhood shopping center in well-maintained condition with primarily long-term, internet-proof hospitality and service retail tenants,” he said. “It was an attractive deal trading at an approximately 9% CAP rate in addition to the draw of having 333 brand-new luxury apartments about to be built next door to the property. We had many people interested and received multiple offers during our successful marketing campaign.”