Leasing In Big-Box Buildings Breaks Records After Perfect Storm Fuels 2020 Market

The Huntley Outlet Mall in far north suburban Huntley was knocked down several years ago after its occupancy rate fell to an unacceptable level, but this year a new industrial distribution development will rise to take its place, the latest sign of how e-commerce has upended the Chicago region’s retail sector.

The Prime Group developed the 320K SF mall in 1995, then formed a joint venture that purchased it in 2016 from Simon Property Group, originally planning to lease it up. But with occupancy then at 40%, it was too big of a challenge. Along with partners Craig Realty Group and The Capital Cos., Prime now plans to start construction this summer on what will eventually be 717K SF of industrial buildings...
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RSK: Distribution is where it is at right now...such high demand.