A 7.24-acre development site located at 2350 West Higgins Road in Hoffman Estates was sold for $3,700,000. The property, which was previously occupied by Kmart and Menards, is to be redeveloped into roughly 330 luxury apartments under a residential TIF-backed plan approved by the village.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $3,700,000
• Buyer: Synergy Construction Group
• Seller: Depa Holding Company & Caruso Development
• Brokers: Wayne Caplan & Al Lindeman - SVN Chicago Commercial
• Property Size: 7.24 acres
• Market: Hoffman Estates

SVN Chicago Commercial facilitated the sale, bringing together the buyer, Synergy Construction Group, and sellers, Depa Holding Company and Caruso Development. The transaction is significant for the intended redevelopment plans that align with the village's residential objectives.