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BELVIDERE, ILL. — Scannell Properties has purchased 176 acres in the Chicago suburb of Belvidere with plans to build an industrial and retail development. The first project within the development will be a 1.3 million-square-foot industrial build-to-suit for an undisclosed Fortune 500 company. Plans also call for a 585,000-square-foot build-to-suit. Scannell Properties plans to reconfigure the roadway to provide two additional retail or commercial outlots. Adam Marshall of Newmark represented Scannell in the land acquisition.