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 and has a population base of 2.7 million people via six interstate highways. The 68.3-acre site offers a rare, blank slate opportunity for redevelopment or leasing of a highly-visible build-to-suit property suitable for 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, 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.
“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.
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.
About Newmark Knight Frank
Newmark Knight Frank (“NKF”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, NKF’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, NKF’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and NKF Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our 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. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark 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 Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.