Retail N Illinois

NKF marketing former outlet center on 68 acres in Huntley for development

NKF marketing former outlet center on 68 acres in Huntley for development,ph1

Newmark Knight Frank (NKF) has been appointed as the exclusive broker to sell or build-to-suit lease 68.3 acres in Huntley, Illinois. Formerly known as the Huntley Factory Outlet Center, the site enjoys 2,000 feet of tollway 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.

The site offers a blank slate for redevelopment or leasing of a highly visible, build-to-suit property befitting a retail, industrial or other commercial use. Demolition of the existing outlet center will be completed in the spring of 2018.

NKF’s senior managing directors Adam Marshall, SIOR, CCIM and James Schutter, along with directors Mark Deady, CCIM and Luke Sementa, were hired by ownership 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, Chicago-based The Prime Group, Inc. and The Capital Companies, LLC, out of Elgin, Illinois. In the late ‘80s and early ‘90s, 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.

“This is a unique opportunity for qualified investors to acquire nearly 70 acres in a highly visible location that offers 2,000 feet of I-90 frontage,” said Marshall. “Right now the property is zoned for mixed-use commercial development but could potentially go through the village to be changed for office, research and light industrial use as well.”

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. The property is located in a Foreign Trade Zone.