Dermody Properties Completes Acquisition of Former Allstate Campus in Metro Chicago, Plans 3.2 MSF Industrial Campus
GLENVIEW, ILL. — Dermody Properties has completed its acquisition of the 232-acre former corporate office campus of Allstate Corp. located on Sanders Road in Glenview, roughly 22 miles northwest of downtown Chicago. While the acquisition price was not disclosed, REBusinessOnline reported last year that the transaction would be valued at $232 million.
Dermody plans to redevelop the property into a 10-building logistics park. The redevelopment, named The Logistics Campus, will span 3.2 million square feet upon completion, with flexibility to accommodate additional build-to-suit development.
Construction on Phase I of the project is scheduled to begin immediately and will include five buildings totaling 1.2 million square feet. The initial phase of development is slated for completion in 2023.
“This redevelopment project stands at the intersection of two significant and durable trends — work from home and e-commerce,” says Douglas Kiersey Jr., president of Dermody Properties. “The conversion of the office campus — with buildings dating back to the 1960s and 1970s — into modern logistics buildings offers many benefits to the community.”
The site is located adjacent to Interstate 294 and southwest of the Willow Road interchange, which will allow for efficient access to O’Hare International Airport. The project benefits from existing ground transportation infrastructure, which was sized for the prior office campus use.
The development will incorporate environmentally friendly design choices, including the relocation of hundreds of trees to complement the new industrial campus. Further details on the project were not disclosed.
Reno, Nev.-based Dermody Properties is a privately owned real estate investment, development and management firm specializing in the acquisition and development of logistics real estate.