Dermody Properties, a national private equity real estate investment, development and management company focused exclusively on the logistics real estate sector, has announced the acquisition of the Allstate Corporation (NYSE: ALL) corporate campus in Glenview, Ill. The 232-acre site will become a logistics-focused campus designed to serve logistics customers who value immediate access to local consumers, including the high density and affluent communities of the northern and northwest suburbs of Chicago.
The Logistics Campus is a planned, 10-building logistics park totaling 3,235,020 available square feet with flexibility to accommodate build-to-suits. Planned buildings can also be consolidated for a larger footprint. All buildings will feature Class A sustainable design and construction. Dermody Properties will immediately commence construction on five buildings totaling 1.2 million square feet scheduled for completion in the second and third quarters of 2023. The remaining 125 acres will be available for multiple build to suits or, a single building of up to 2 million square feet.
“This redevelopment project stands at the intersection of two significant and durable trends – work from home and e-commerce,” said Douglas A. Kiersey, Jr., President of Dermody Properties. “The conversion of the office campus – with buildings dating back to the 1960s and 70s – into modern logistics buildings offers many benefits to the community. The Logistics Campus will create a significant number of competitive, high-paying construction and long-term jobs in the highly sustainable contemporary logistics industry. Additionally, it lays the groundwork for world-class companies to be part of this region.”
The campus is located on Sanders Road, adjacent to Interstate 294, the main north/south transportation spine of the Chicago market, and southwest of the Willow Road interchange, allowing for efficient access to O’Hare International Airport (approximately a 10 min drive) and the entire region.
The project benefits from the existing ground transportation infrastructure which was sized for the prior office campus use. The project’s adjacency to the mature ground transportation infrastructure will mitigate traffic on neighboring residential streets.
“The Logistics Campus features state-of-the-art specifications and is situated in an unparalleled Chicago location, with a wide array of amenities and with immediate access to I-294,” said Neal Driscoll, Midwest Region Partner at Dermody Properties. “This is the best performing submarket in Chicago in terms of vacancy rate, which is currently the lowest in the entire metro market. Its access to transportation, labor and amenities is unmatched.”
Project design will incorporate highly attractive exteriors and will benefit from the repurposing of existing mature landscaping and ponds to ensure the new development seamlessly integrates into the community from a visual perspective. Dermody Properties plans to preserve 50 years of plant life and growth on the site with an effort to relocate hundreds of trees to complement the industrial buildings.
“Dermody Properties looks forward to serving the needs of our customers, the community, and many stakeholders who helped make this project possible,” said Michael C. Dermody, Chairman of the Board and Chief Executive Officer at Dermody Properties. “The Logistics Campus perfectly fits our mission of creating satisfied customers through innovative real estate solutions. We especially thank Allstate and the Village of Glenview for their vision that allowed this project to come to life.”https://dermody.com/news/dermody-properties-acquires-allstahttps://dermody.com/news/dermody-properties-acquires-allstate-campus-plans-to-break-ground-on-the-logistics-campus/te-campus-plans-to-break-ground-on-the-logistics-campus/