AmCap Completes Acquisition of Chicago Area Hoffman Plaza
STAMFORD, Conn, July 12, 2022 /PRNewswire/ -- AmCap, Incorporated, a vertically integrated private equity real estate firm, is pleased to announce the acquisition of Hoffman Plaza, a 146,263 square-foot, high volume grocery-anchored, shopping center in the Chicago, IL suburb of Hoffman Estates, IL. The dominant grocery center adds another well-located asset to AmCap's growing portfolio of premier real estate assets throughout the United States.
Hoffman Plaza is anchored by Jewel-Osco the premier grocer in the Chicago metropolitan and Burlington a Fortune 500 specialty retailer. Jewel-Osco is the #1 grocer in the Chicagoland area by both market and store count and has enjoyed a long and successful operating history of close to 50 years at this location.
Hoffman Plaza is situated on 15.3 acres at 925-1175 N. Roselle and 100 Higgins Rd, Hoffman Estate, IL within one of the largest retail corridors in Illinois. The village of Hoffman Estates was recognized as the "2021 Municipality of The Year". The center serves a population of nearly 240,000 – with an average household income of $120,000 – within a five-mile radius of the property.
Jake Bisenius, President and CIO of AmCap said, "Hoffman Plaza is an exceptional asset that we were fortunate to acquire. The site captures the essence of our focus on acquiring well-located properties with tenants that are essential businesses that serve daily needs, are internet resistant and are established members of their respective communities. The AmCap team is excited to be a part of the Hoffman Estate community and we look forward to working with Jewel-Osco and other local stakeholders to ensure the continued success at this location."
Hoffman Plaza was purchased through a joint venture with Encore Enterprises. Mr. Bisenius continued, "Forming a partnership with investors who share our views on the importance of investing in communities was also a key part of the deal. Our underlying principle is to be a strong steward of our investor's capital while adding substantial value to the communities and customers we serve.
"Retail brick and mortar is changing, but it is not going away," said Chairman and CEO of Encore Enterprises, Inc., Dr. Bharat Sangani. "According to the National Retail Federation, consumer demand outweighed the pandemic, supply chain shortages, and other factors affecting spending, proving that people still like to get out and shop. We are honored to become a part of the long history of what this particular development will bring to the Chicago area."
President of AmCap's Leasing, Ira Shwartz, added: "Our leasing team is hard at work with Hoffman Plaza. Our focus now is on attracting top retailers, including dining and lifestyle services, to enhance and build on our foundation."
With leasing underway, Hoffman Plaza joins other top AmCap-managed centers in the Chicago area. The center is over 96% occupied, with a few retail spaces for lease available up to 5,651 square feet.
For leasing information or additional information about Hoffman Plaza, please contact Ira Shwartz or Brooke Stevens at [email protected]
Founded in 1979, AmCap is a vertically integrated private equity real estate firm that invests in grocery-anchored and necessity retail properties nationwide, managing over $1 billion of assets on behalf of leading institutional investors. AmCap's 40+ year history gives it unique insight into the drivers of value creation in all facets of the necessity retail property industry. For more information www.amcap.com
Media Contact:
Alice Catalano
203-327-2001
[email protected]
SOURCE AmCap
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