JV Will Develop Industrial at Former Outlet Mall Site in Huntley
Huntley Investment Partners, LLC (HIP) will develop 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, IL. HIP is a joint venture among affiliates of Craig Realty Group, Inc., The Prime Group, Inc., and The Capital Companies.
HIP acquired the site from the Simon Property Group in April 2016. The JV determined that the highest best and best use of the property, originally improved with an outlet mall, was industrial/distribution.
Newmark senior managing directors Adam Marshall and James Schutter and director Mark Deady are representing HIP in development leasing. “This 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,” said Marshall.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).