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Hanover Square Redevelopment Underway; NAI Hiffman to Lease and Manage the Retail Center

11/11/2015

Hanover Square Redevelopment Underway; NAI Hiffman to Lease and Manage the Retail Center

 

HANOVER PARK (November 6, 2015) – Tobin Development and the Village of Hanover Park, the joint venture that owns Hanover Square, a retail center located at 6602-6772 Barrington Road, is pleased to announce the highly anticipated renovations for the property are officially underway as of November 5. 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.

“Our goal is to elevate Hanover Square and make it an ideal place for retailers to operate their businesses and an appealing setting for consumers to visit frequently,” said Thomas Godfrey of Tobin Development. “We are thrilled to have the opportunity to reenergize the center located along the vibrant Barrington Road retail corridor.”

Hanover Square is located on 10 acres of land along the west side of Barrington Road between Lake Street (IL-20) and Irving Park Road (IL-19). The 113,740-square-foot, two-building retail center, is currently  60% 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, a third-party commercial real estate services provider, 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,” said John Picchiotti, Chief Operating Officer with NAI Hiffman’s Brokerage Services group. “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.”

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. Within a three-mile radius of the center, the average household income is $102,305 per ESRI. As part of the community’s TIF District, retailers will greatly benefit from the upgrades. Having tremendous street exposure and abundant parking with over 400 spaces, the center offers retailers a unique opportunity to service the local community.

 

About Tobin Development (www.tobindevelopment.com)

Tobin Development specializes in industrial, office and single tenant net lease retail development and strip shopping center re-development. The firm has ongoing projects and developments in Illinois, Indiana, and Florida.

 

About the Village of Hanover Park (www.hpil.org)

Hanover Park is a dynamic community of over 37,900 residents with a strong business environment, encompassing over 400 businesses.

Hanover Park is conveniently located 17 miles from O’Hare International Airport and is 45 minutes from downtown Chicago via the Metra West Line. The Village is located in both Cook and DuPage Counties, and is situated in the southwest portion of "The Golden Corridor," so-named because of its phenomenal rate of growth. This central location in Chicagoland’s northwest suburbs ensures retail expenditures of over $275 million a year. 

The Village of Hanover Park is home to several major employers, including Maines Paper and Food, Fischer Scientific, Fuji Film, Insight, Round Ground Metals (RGM), Camcraft, Menards, etc. The Village has several grocery stores, and offers a variety of housing choices.

 

About NAI Hiffman (www.hiffman.com)

Comprised of over 150 real estate professionals, NAI Hiffman provides leasing, management and investment sales representation for owners and occupiers of commercial real estate in the Chicago metro market. It currently leases and manages a 47+ million SF portfolio of over 500 commercial properties throughout metropolitan Chicago, Northwest Indiana and Southeast Wisconsin. NAI Hiffman is the Chicago-area representative for NAI Global, the world’s largest managed network of real estate service providers, has more than 375 offices strategically located throughout North America, Latin America, Europe and Asia Pacific, with over 6,700 local market professionals, managing over 380 million square feet of property.

 

 

Lauren Fishbune

Marketing Manager

lfishbune@hiffman.com

11/11/2015 - 21:30

Source

NAI Global

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