Florida company acquires Hoffman Plaza
A Florida-based real estate investment company has acquired Hoffman Plaza in Hoffman Estates for nearly $14.2 million.
Sterling Organization purchased the 168,342-square-foot shopping center off Roselle Road, near the intersections of Golf and Higgins Roads, last Friday after expressing interest in the property for almost three years.
The plaza, which was built in 1972 and underwent renovations in 2008, is anchored by a Jewel-Osco and Dania Furniture. Other retailers in the plaza include Papa John's, Goodyear, Denny's and Sally Beauty.
Sterling Organization president and CEO Brian Kosoy said his company has plans to install improved signage for the plaza. He said there is also a possibility that traffic lights will be installed in the future and perhaps neighboring properties will be integrated with the center in the next few years.
"We like the real estate fundamentals and believe that we can improve the center and add value to it," Kosoy said, adding that the property closest to Hoffman Estates that his company owns is in Cicero.
Hoffman Estates Economic Development Director Gary Skoog said it is a possibility that Sterling also is interested in purchasing two properties the village recently acquired at 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 said, adding that after the buildings on those properties are demolished the village will likely look into selling the land.