Transwestern’s Chicago office has brokered the sale of Huntley Crossings in Huntley on behalf of a local developer. The 28-acre land development site, located at Route 47 and Powers Road, was purchased by ACG Equities for $2.5 million. A majority of the site improvements have already been completed.
“This was a unique opportunity for a developer to purchase a fully improved land site at an attractive basis and hold for development,” said Janice Sellis, director of Transwestern. “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.”
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. 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.
Sellis and Paul Barile, director, exclusively represented the seller in the transaction.
