Renovations for retail center, Hanover Square, are officially underway at its 6602-6772 Barrington Road location, according to Tobin Development and the Village of Hanover Park, owners of the property.
Hanover Square is within walking distance to the Hanover Park Metra Train Station, PACE bus service and offers convenient access to the Elgin O’Hare Expressway.
The joint venture will invest in renovations to significantly update the façade, parking lot and lighting, refresh landscaping, address roof repairs and maintenance needs, and buildout vacant spaces. Completion is expected during the first quarter of 2016.
The 113,740-square-foot, two-building retail center, is currently 60 percent occupied with tenants including Dino’s Foods, Family Dollar, a Mexican Restaurant & taqueria, and various service providers that include daycare, Tae-Kwon-Do, barber, laundromat, chiropractor, florist and vacuum repair shop.
Most recently, Gymkhana, a youth gymnastics club and dance studio, signed a lease for 25,000 square feet of space and plans to move in and open its doors in the first quarter of 2016; the addition expects to bring in 2,000 additional families each week. Hanover Square currently has available spaces ranging in size from 970 square feet to 17,500 square feet.
NAI Hiffman will lead the leasing efforts for the rebranded asset and manage the property.
“Our management and leasing team operate as a single entity to improve and maintain tenant satisfaction while attracting new tenants to the center,” John Picchiotti, chief operating officer with NAI Hiffman’s Brokerage Services group, said. “Between the prime location, forthcoming renovations, and addition of Gymkhana, Hanover Square will be a great fit for a variety of retailers, service providers and eateries. We are excited to be a part of its transformation.”