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Hilco Real Estate Announces the Sealed Bid Auction for a 132,000± SF Office Building in Hoffman Estates, IL

Jul 10, 2020

hre-hoffman

Hilco Real Estate, LLC in partnership with L&B All Star Auctions, LLC, announces July 23, 2020 as the sealed bid offer deadline for the Poplar Creek Office Plaza located in Hoffman Estates, Ill. The minimum bid price has been set at $4,635,000. Three additional surrounding land parcels are also available for sale ranging in size from 2.02 AC to 7.41 AC. 

The office building was constructed in 1987 and is situated on a 7.41 AC parcel off of Higgins Road in Hoffman Estates. The property boasts 132,000± SF set over five floors with over 60,000 SF of contiguous space available. Highlights of the property include a computer-controlled HVAC system, three Montgomery high-speed automatic geared elevators, as well as an executive underground heated parking garage. The property overlooks an 18-hole golf course which provides scenic views for tenants to enjoy. Across the street from the plaza is the Amita Health Alexian Brothers Medical Campus, which includes a state-of-the-art, LEED-certified Women’s and Children’s Hospital. Poplar Creek has convenient access to the I-90 expressway, which offers a direct route to O’Hare International Airport as well as other expressways, including I-290, and nearby attractions. 

Hoffman Estates, home to over 50,000 people, is a suburb northwest of Chicago adjacent to other thriving areas such as Barrington and Schaumburg. Just five miles west of the Poplar Creek Office Plaza is Woodfield Mall in Schaumburg, the largest shopping center in the Chicagoland area and one of the top tourist attractions in Illinois. Hoffman Estates has numerous approved developments planned, such as remodels to local restaurants and grocery stores, redevelopments of a gas station and a BMO Harris Bank, new additions to the Hoffman Plaza Shopping Center, and construction for a brand new multi-tenant retail building and a Holiday Inn Express, according to the village’s website. 

Jeff Azuse, senior vice president at Hilco Real Estate, stated, “This sale represents an outstanding value-add opportunity in an established office market near several well-developed northwest suburban communities. It presents a great option for owner-users looking to expand or relocate for large blocks of square footage use.” He added, “There’s huge upside for investors to buy at a low price and add value through new leasing efforts.”

The sealed bid deadline is scheduled for Thursday, July 23, 2020. Bids must be delivered to the offices of Hilco Real Estate on or before 5:00 p.m. (CT) on the day of the deadline to be considered. Interested buyers should review the detailed sale terms for requirements in order to participate in the sale process available on Hilco’s website. Bids may be submitted via mail to the following address: Hilco Real Estate, 5 Revere Drive, Suite 320, Northbrook, IL 60062, or via email to cevans@hilcoglobal.com. 

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