February 17, 2021 9:00 AM
Huntley Investment Partners, LLC
(鈥淗IP鈥�) announces the development of approximately 717,400 square feet
of industrial buildings on a 60.8-acre site along I-90 located one mile
east of the four-way interchange at I-90 and Route 47 in Huntley,
Illinois. Founded in April of 2016, HIP is a joint venture among
affiliates of Craig Realty Group, Inc., The Prime Group, Inc., and The
Capital Companies.
HIP acquired the site in April 2016
from the Simon Property Group. At acquisition, the site contained a
320,000-square-foot retail outlet mall previously developed by The Prime
Group, Inc. in 1995. Initially, HIP attempted to release the outlet
mall, whose occupancy had fallen to 40%, but was unsuccessful due to
competition from newer outlet malls developed in Aurora and Rosemont,
closer to the population of Chicago鈥檚 MSA.
HIP determined that the highest and best use of the property was industrial/distribution, as evidenced by the adjacent 800,000-square-foot global distribution center developed for Weber Grills in 2015, as well as many other industrial properties developed along the I-90 corridor in the last decade.
鈥淲ith close adjacency to the four-way interchange at I-90 and Route 47, along with 2,000 feet of frontage along I-90, the property is one of the premier locations for industrial/distribution facilities in the northwest I-90 corridor,鈥� stated Michael W. Reschke, Chairman and CEO of The Prime Group, Inc.
The site will feature state-of-the-art buildings that can accommodate any type of distribution or industrial use in a business park setting. Construction of the first phase will begin in summer of 2021. For an overview of HIP鈥檚 redevelopment project, click to view the and .
星空体育app下载 Senior Managing Directors and , and Director are representing HIP in development leasing. 鈥淭his will be the first business park in the Route 47 Corridor that can accommodate an industrial/distribution tenant over 500,000 square feet that is zoned, improved and ready for immediate development,鈥� said Marshall.
The development exemplifies the demand for industrial space across the Chicago metro region. According to , over 21 million square feet of new industrial/distribution construction was delivered in Chicago in 2020, with 32 other projects totaling over 14.5 million square feet currently under construction.
鈥淥ur company鈥檚 history with this site鈥揾aving developed the original retail outlet mall鈥揼ave us a deep understanding of and insight into its highest and best use,鈥� said Michael Reschke, Jr., Vice President of The Prime Group. 鈥淲ith the drive towards e-commerce and the need for quick distribution to consumers, it made sense that this site would be redeveloped as an industrial use and we are excited to get started on construction.鈥�
About The Prime Group, Inc.
The Prime Group, Inc. and its affiliates (Prime) is one of the preeminent real estate development and investment companies in the country. Prime鈥檚 vast real estate development investment experience includes all types of institutional-quality real estate, ranging from award-winning office towers to luxury hotels to state-of-the-art distribution facilities. Founded in 1982 by its Chairman & CEO, Michael W. Reschke, Prime and its affiliates have developed, redeveloped and acquired over $10 billion of institutional-quality commercial and residential real estate. Prime鈥檚 experience in Huntley, IL includes the original annexation of +2,000 acres which included the subject property (the former outlet mall) as well as Del Webb鈥檚 Sun City senior living community, the original Weber Grill industrial facility, and the Huntley Auto Mall. For more information, visit .
About Craig Realty Group, Inc.
Craig Realty Group is
a shopping center development and management firm founded by Steven L.
Craig and is based in Newport Beach, Calif. A leader in the development
and management of high income-producing, upscale factory outlet centers,
Craig Realty Group owns, operates and manages nearly five million
square feet of existing retail development in eight states. For more
information, visit .
About Capital Companies
One of Chicago鈥檚 leading, 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 18 years. Led by its founder and CEO, Richard Turasky, the company has extensive experience in land development, construction, value-added redevelopments and repositioning opportunities as well as the acquisition of stabilized cash flowing properties. For more information, visit .
About 星空体育app下载
星空体育app下载 Group, Inc. (Nasdaq: NMRK),
together with its subsidiaries (鈥溞强仗逵齛pp下载鈥�), is a world leader in
commercial real estate services, with a comprehensive suite of
investor/owner and occupier services and products. Our integrated
platform seamlessly powers every phase of owning or occupying a
property. Our services are tailored to every type of client, from owners
to occupiers, investors to founders, growing startups to leading
companies. Harnessing the power of data, technology, and industry
expertise, we bring ingenuity to every exchange, and imagination to
every space. Together with London-based partner Knight Frank and
independently owned offices, our 18,800 professionals operate from
approximately 500 offices around the world, delivering a global
perspective and a nimble approach. In 2019, 星空体育app下载 generated revenues
in excess of $2.2 billion. To learn more, visit nmrk.com or follow .
Discussion of Forward-Looking Statements About 星空体育app下载
Statements
in this document regarding 星空体育app下载 that are not historical facts are
鈥渇orward-looking statements鈥� that involve risks and uncertainties, which
could cause actual results to differ from those contained in the
forward-looking statements. These include statements about the effects
of the COVID-19 pandemic on the Company’s business, results, financial
position, liquidity and outlook, which may constitute forward-looking
statements and are subject to the risk that the actual impact may
differ, possibly materially, from what is currently expected. Except as
required by law, 星空体育app下载 undertakes no obligation to update any
forward-looking statements. For a discussion of additional risks and
uncertainties, which could cause actual results to differ from those
contained in the forward-looking statements, see 星空体育app下载鈥檚 Securities
and Exchange Commission filings, including, but not limited to, the risk
factors and Special Note on Forward-Looking Information set forth in
these filings and any updates to such risk factors and Special Note on
Forward-Looking Information contained in subsequent reports on Form
10-K, Form 10-Q or Form 8-K.