HUNTLEY, IL—ACG Equities has purchased Huntley Crossings Phase 1, a land development site here for $2.5 million.
This site was originally a 41-acre development site along Powers Road and Route 47. The property was reduced when an 11-acre parcel was sold to Home Depot for a future store and a 2-acre outlot parcel was sold to Harris Bank, which opened a retail banking branch on the site.
Klein Development was the seller of 28-acre parcel, and Rubloff Development Group is developer of record for a 60-acre parcel adjacent to the site. Although large scale retail development is not likely in the near future, development in the back portion of the site should occur in the next few years after housing growth and corresponding retail growth return, said Janice Sellis, a director with Transwestern, which represented the seller. During the marketing period, Route 47 was widened and construction began on a new interchange at I-90. Both projects are expected to substantially increase daily traffic counts of the site.
“This was a unique opportunity for a developer to purchase a fully improved land site at an attractive basis and hold for development,” said Sellis in a statement. “We were able to identify the optimal buyer; a local retail developer and institutional investor team. This buyer will benefit from a longer-term investment horizon that can hold the land until development returns.” Paul Barile, director, also represented the seller in the transaction.