Newmark is pleased to announce the sale of a 7.5-acre site within Huntley Commercial Center in Huntley, Illinois. The parcel was acquired by General RV Center, to expand its existing adjacent dealership.
Huntley Commercial Center, formerly the site of the Huntley Factory Outlet Center, offers 2,000 feet of frontage on the north side of I-90, immediately east of the four-way interchange at Route 47. The property is located within 30 minutes of O’Hare International Airport and Chicago-Rockford International Airport and has a population base of 8.9 million people within a 45-mile radius of downtown Chicago and access to six interstate highways providing tremendous regional and national transportation reach.
Newmark’s Senior Managing Directors Adam Marshall, SIOR, CCIM, and James Schutter, along with Directors Mark Deady, CCIM, and Luke Sementa, were hired by ownership in April 2018 to lead the brokerage team in the sale or build-to-suit lease of the property. Ownership of the property includes affiliates of California-based Craig Realty Group, LLC, The Capital Companies, LLC (Elgin, IL), and The Prime Group, Inc. (Chicago, IL). In the late 80’s and early 90’s The Prime Group was the original developer of over 2,800 acres of land in Huntley that straddled Route 47, north of I-90, including Del Webb’s Sun City and the outlet center, which was later owned by Simon Property Group.
The Huntley Factory Outlet Center was demolished in April 2018 and is now ready for immediate development. With this General RV Center sale, there is approximately 60 acres remaining for purchase, or build-to-suit for sale or lease.
“The Huntley Commercial Center site offers a rare, blank slate opportunity to build highly-visible office, retail, commercial, multi-family or industrial properties,” stated Marshall.
The Village of Huntley is one of Chicago’s fastest growing communities with over 900 new units permitted in the last five years. Over $100 million in recent roadway improvements has significantly expanded convenience and access to Huntley, including the new four-way interchange at I-47 and I-90. Huntley offers lower property taxes and public utility fees than its neighboring communities along the I-90 corridor and does not collect a natural gas or electricity tax.
About Craig Realty Group
Craig Realty Group is a shopping center development and management firm founded by Steven L. Craig and is based in Newport Beach, California. A leader in the development and management of high income-producing, upscale factory outlet centers, Craig Realty Group owns, operates and manages nearly 5 million square feet of existing retail development in 9 states: Outlets at Anthem in Phoenix, Arizona; Outlets at Barstow in Barstow, California; Cabazon Outlets located near Palm Springs, California; Citadel Outlets in Los Angeles, California; Outlets at Conroe located near Houston, Texas; Outlets at Castle Rock located south of Denver, Colorado; Outlets at the Dells in Baraboo, Wisconsin; Outlets at Hillsboro in Hillsboro, Texas; Kapolei Commons, Oahu, Hawaii; Outlets at Loveland located north of Denver, Colorado; Outlets at San Clemente in San Clemente, California; Outlets at Silverthorne located west of Denver, Colorado; Outlets at Traverse Mountain in Lehi, Utah; Outlets at Vicksburg in Vicksburg, Mississippi; and East Hills Mall in St. Joseph, Missouri. The newest property - the award-winning Outlets at San Clemente - opened in November 2015 and offers stunning views of the Pacific Ocean. Craig Realty Group founder Steve Craig previously developed Desert Hills Premium Outlets, Carlsbad Company Stores and Woodburn Company Stores, three of the most successful manufacturer outlet centers, and was instrumental in developing Camarillo Premium Outlets. For more information, visit www.craigrealtygroup.com.
About The Prime Group, Inc.
Founded in 1982 by its Chairman and Chief Executive Officer, Michael W. Reschke, The Prime Group, Inc. and its affiliates have become one of the preeminent real estate development and investment companies in the country. Since 1982, Prime and its affiliates have developed, redeveloped and acquired over $12.0 billion of institutional-quality commercial, industrial, and residential real estate.
About The Capital Companies
The Capital Companies is a privately held, real estate advisor and operating platform that has focused on development, acquisition, ownership, and asset management of investment properties located primarily throughout the Chicago metropolitan area for the last 25 years. Transactions have ranged in size from $2MM - $150MM of single assets, joint ventures or portfolio acquisitions.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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