The land is near Del Webb Corp.'s 1,650-acre Sun City residential development, as well as a 350,000-sf Weber Stephen Products Co. facility and 280,000-sf factory outlet center. Development was spurred by the village's commitment to issue up to $108 million in tax-exempt bonds through tax increment financing. So far, that has allowed Huntley Partnerships to spend $35 million on infrastructure, including new roads.
An affiliate of director and major shareholder Howard M. Amster put up a loan allowing Horizon Group Properties, whose lineage can be traced to the original developers of property. Horizon Group Properties president and CEO Gary J. Skoien also is an executive vice president and chief operating officer of The Prime Group Inc., which is the former owner of Huntley Partnerships.
"The projected gains from future property sales fit well with our current accumulated net operating tax losses," Skoien says in a statement. "In addition, this acquisition diversifies the company's real estate holdings which have been concentrated in outlet shopping centers."
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