SVN Chicago Commercial arranged the $3.7 million sale of a 7.24-acre development site at 2350 W. Higgins Road in Hoffman Estates, Illinois.
The property, located adjacent to a 101,769-square-foot shopping center, is slated for the construction of about 330 luxury apartment units.
Wayne Caplan and Al Lindeman of SVN Chicago Commercial represented the sellers, Dutch-based Depa Holding Company and its US partner Caruso Development, in the sale. The buyer, an entity of Chicago-based Synergy Construction Group, plans to develop the site into a luxury apartment community. The transaction marks the second time the property was under contract, ultimately closing amid strong multifamily demand.
Originally zoned for commercial use, the site is the former home of both a Kmart and a Menard’s store. The new development required a rezoning of the property to residential to accommodate the multifamily development. The Village of Hoffman Estates also approved a new residential-oriented redevelopment and TIF agreement for the property and restructured a previous TIF agreement with the adjacent properties owned by the sellers. This was all necessary to advance the sale and development plans.
