Horizon Group Properties Sells 225 Acres of Land in Huntley, Illinois
Thursday January 22, 6:38 pm ET
CHICAGO, Jan. 22 /PRNewswire-FirstCall/ -- Horizon Group Properties, Inc. (HGP) (OTC: HGPI - News), an owner, operator and developer of factory outlet centers and land developer, today announced that it had sold 225 acres of commercial property in Huntley, Illinois to Reiche Partners LLC. The land is located in a 2,650 acre development which is the largest master-planned community in the Midwest. Projects in the master-planned community that have been completed or are underway include the 1,650 acre Sun City residential development owned by the Del Webb Corporation, a 625,000 square foot manufacturing and distribution facility owned by Weber Stephen Products Co., a 63,000 square foot Jewel-Osco, two manufacturing/warehouse facilities (140,000 and 112,000 square feet respectively) and a 280,000 square foot outlet retail shopping center. The sales price for the land was $10.3 million. HGP will use the proceeds from the sale to partially repay the loan secured by its land in Huntley. After the sale of the land to Reiche, HGP will own approximately 430 acres of land in the master-planned community.
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The land which Reiche purchased is a portion of the business park that is located in the highly visible area on the north side of the Northwest Tollway just west of Route 47. Reiche plans to develop a variety of buildings on the land ranging in size from 50,000 to 500,000 square feet.
"The sale and development of this property reflect Horizon's continued commitment to the expansion of our master planned community in Huntley and the resulting broadening of the Village tax base," said Gary J, Skoien, Chairman, President and Chief Executive Officer of HGP. "Reiche brings a strong history of successful development to our community and intends to aggressively develop commercial buildings on the property," added Skoien.
Based in McHenry, Illinois, Reiche Partners LLC. is a family-owned and operated general contractor that was founded in 1955. Reiche has completed many large-scale, high quality commercial projects in and around the Huntley area.
Based in Chicago, Illinois, Horizon Group Properties, Inc. has 8 factory outlet centers in 6 states totaling approximately 1.6 million square feet and is the developer of a master planned community in suburban Chicago.
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HGPI -- Horizon Group Properties, Inc.
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