HSA COMMERCIAL REAL ESTATE SELLS 24 ACRES OF LAND IN LONG GROVE, ILLINOIS TO MENARD'S
Retailer to develop 200,000 sf superstore on property
April 2, 2007
(Chicago – April 2, 2007) Shannon Pope, vice president, HSA Commercial Real Estate's retail brokerage division, represented both ownership and Menard's in the sale of 24 acres of vacant land at the corner of Lake Cook Road and Route 53 in Long Grove , Ill. Menard's intends to construct a 200,000-square-foot superstore on the property and will market several outlots for future development as well.
The land was originally purchased by HSA in 1999 for future development. Pope approached Menard's with a proposal to construct a new retail outlet on the site. During the negotiations, Menard's decided it was more economically feasible to purchase the entire property and develop their own superstore, and they successfully negotiated with Pope and HSA to buy the entire 24 acres.
The project has already been approved by the Village of Long Grove and Menard's will begin construction this summer, with completion and a grand opening expected early in 2008. The property is located at the high traffic intersection of the Route 53 extension and Lake Cook Road.
Celebrating 26 years of excellence in commercial real estate, Chicago-based HSA Commercial Real Estate is a full-service real estate firm specializing in office, industrial, retail and health care real estate leasing, management, marketing, development and financing on a national basis. The firm and its principals have developed and acquired more than 30 million square feet of commercial real estate across the United States with total consideration in excess of $1.5 billion, its brokerage divisions have completed more than 7,000 transactions in 43 states representing both owners and tenants, while the asset management division currently manages a property portfolio in excess of 15 million square feet in 12 states and the firm presently owns over 17 million square feet of commercial property in 14 states.
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