CHICAGO—Palm Beach, Fla.-based Sterling Organization, a privately owned retail real estate investment and services company, has acquired Hoffman Plaza, a 168,342-sq.-ft., grocery-anchored shopping center located in Hoffman Estates, Chicago.
The property was purchased through the company’s institutional fund, Sterling Value Add Partners LP, for $14.15 million.
Located on North Roselle Road, Hoffman Plaza is located approximately 25 miles northwest of Chicago’s central business district and is currently 95 percent leased. Jewel-Osco anchors the center along with Dania Furniture. Additional tenants at the property include Papa John’s, Jackson Hewitt Tax Service, Sally Beauty and Goodyear, among others.
Originally developed in 1972, Hoffman Plaza underwent renovations in 2008.
"We had been pursuing this deal on and off for almost three years, and I believe that our years of perseverance have finally paid off," said Brian Kosoy, president and CEO of Sterling Organization.