Hoffman Village LLC, an affiliate of Highland Management Associates Inc., has acquired the 38,980-square-foot Village Square shopping center in Hoffman Estates. The center is located at 1405-1481 Palatine Road and is shadow anchored by Jewel Osco.
The center was 67 percent occupied at closing, including nationally known names such as: Starbucks, Subway, Hallmark and GNC as well as local favorites: Oberweis, China Wok, Sir Nick’s Pizza and Amore Mio restaurant. The lender took control of the property after Blockbuster, which had occupied a 4,575-square-foot end cap space, closed in 2010. Highland Management Associates Inc. purchased the property from the special servicer for the lender.
Highland plans to reposition the center with new signage, cosmetic changes and improvements to visibility. The center has been renamed Charles Plaza.
“We feel the location of Charles Plaza is ideal,” said Highland Management Senior Vice President Charles Margosian III. “It is situated in the high socio-economic community of Hoffman Estates and sits between Inverness and Barrington. Average incomes in the three-mile radius are over $105,000, and there is little competitive product.”
Combined with the anchor presence of Jewel, which just invested more than $4 million into a store renovation, Highland felt it was a natural fit.
“The center fits well into our portfolio and to date we have been pleased with the tenant interest,” Margosian said. “The vacant spaces are ideal, in that we have two end-cap spaces and even the possibility of adding a drive-through for a new tenant. We feel with good management, this center will return to its previous vitality and will be an asset to Hoffman Estates as well as a strong investment for Highland Management.”
Shortly after closing, Highland signed a lease with Tiger Koo Martial Arts taking occupancy into the mid-70 percent range.