2356 W Higgins Rd - Storefront FOR SALE


Hoffman Estates, IL 60169
$9,375,000 USD
312-529-5791
2356 W Higgins Rd, Hoffman Estates, IL for Sale
$9,375,000 USD
Storefront - FOR SALE
1/11
null | 8.9% Cap Rate

2356 W Higgins Rd
Hoffman Estates, IL 60169


HIGHLIGHTS

  • Stabilized neighborhood shopping center with a history of strong occupancy | Highly visible pylon signage | Priced well below replacement cost
  • Many long-term tenants, all on NNN leases with internet-proof businesses | Weighted Average Lease Term (WALT) of 10.82 years
  • Over $7M recently deployed on infrastructure improvements, including a new façade, landscaping, curbing, detention, all new HVAC, LED lights & roof
  • Upside available via two currently vacant spaces totaling 5,022 SF, and below-market rents on several existing tenants
  • Next to office parks, retailers, Ascension Amita Health Medical Center campus, planned Grand Reserve of Hoffman Estates & Seasons of Hoffman Estates
  • Great outlot co-tenancy featuring newly developed McDonald’s, 7-Eleven, Popeyes, and Buona Beef prototypes | 52,905 SF outlot also available

OVERVIEW

SVN Chicago Commercial is pleased to present Barrington Square Town Center in conveniently located Hoffman Estates, IL. This well-maintained, 101,769 SF neighborhood shopping center, sitting on an 11.01-acre site, is well-positioned with “Internet-proof” businesses, which speaks to the stability of the property’s cash flow. Many long-term tenants occupy the shopping center, including Advance Pre-School, Garibaldi’s Restaurant, Gigi’s Playhouse, and Poplar Creek Bowl, which recently expanded their space and invested over $2 million in improvements, including a large catering facility. Newer tenants, Kritunga Indian Restaurant and the 9,000 SF Playroom Cafe Social, have rounded out an impressive tenant mix. Barrington Square is strategically positioned adjacent to several office parks, other high-quality retailers and restaurants, and is immediately across from the massive Ascension Amita Health St. Alexius Medical Center campus, which hosts over 3,000 employees. It also boasts new prototype McDonald’s, 7-Eleven, Buona Beef, and Popeye’s prototypes on the adjacent outlots. Barrington Square has benefited from long-term, hands-on ownership, which has recently made massive improvements to the property, including a new façade, landscaping, curbing, storm water detention, LED lighting, and parking surfaces, to name a few. Additionally, the Village of Hoffman Estates has designated the area around Barrington Square for thousands of new residential units, including the existing 300-unit “Seasons of Hoffman Estates”, directly across from the property, and a planned 330-unit development - “Grand Reserve of Hoffman Estates” - immediately adjacent to the property. This opportunity will also provide a new owner upside due to two updated vacant spaces totaling approximately 5,022 SF. Several long-term tenants are also paying below-market rental rates. An additional out-lot land site of 52,905 SF is also available for purchase. The property is being offered at $9,375000, which is an 8.9% CAP rate on Scheduled Income.

FOR SALE DETAILS

PRICE

$9,375,000 USD

PRICE/SF

$92 USD /SF

CAP RATE

8.9%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Barrington Square Town Center

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Storefront

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1975

SPRINKLERS

-

PARKING SPACES

1300

LAND DETAILS

LAND ACRES

11.01 AC

LAND SF

479,596 SF

ZONING

B2

APN/PARCEL ID

07-07-205-012-0000

ASK ABOUT THIS PROPERTY

312-529-5791

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312-529-5791

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