Dermody Properties Acquires Allstate Campus, Plans to Break Floor on The Logistics Campus
Dermody Properties, a nationwide non-public fairness actual property funding, improvement and administration firm centered solely on the logistics actual property sector, has introduced the acquisition of the Allstate Company (NYSE: ALL) company campus in Glenview, Sick. The 232-acre website will develop into a logistics-focused campus designed to serve logistics clients who worth quick entry to native shoppers, together with the excessive density and prosperous communities of the northern and northwest suburbs of Chicago.
The Logistics Campus is a deliberate, 10-building logistics park totaling 3,235,020 obtainable sq. ft with flexibility to accommodate build-to-suits. Deliberate buildings can be consolidated for a bigger footprint. All buildings will characteristic Class A sustainable design and building. Dermody Properties will instantly begin building on 5 buildings totaling 1.2 million sq. ft scheduled for completion within the second and third quarters of 2023. The remaining 125 acres will likely be obtainable for a number of construct to fits or, a single constructing of as much as 2 million sq. ft.
“This redevelopment venture stands on the intersection of two vital and sturdy traits – do business from home and e-commerce,” mentioned Douglas A. Kiersey, Jr., President of Dermody Properties. “The conversion of the workplace campus – with buildings relationship again to the Nineteen Sixties and 70s – into trendy logistics buildings affords many advantages to the neighborhood. The Logistics Campus will create a big variety of aggressive, high-paying building and long-term jobs within the extremely sustainable modern logistics business. Moreover, it lays the groundwork for world-class firms to be a part of this area.”
The campus is positioned on Sanders Highway, adjoining to Interstate 294, the primary north/south transportation backbone of the Chicago market, and southwest of the Willow Highway interchange, permitting for environment friendly entry to O’Hare Worldwide Airport (roughly a ten min drive) and the complete area.
The venture advantages from the present floor transportation infrastructure which was sized for the prior workplace campus use. The venture’s adjacency to the mature floor transportation infrastructure will mitigate visitors on neighboring residential streets.
“The Logistics Campus options state-of-the-art specs and is located in an unparalleled Chicago location, with a wide selection of facilities and with quick entry to I-294,” mentioned Neal Driscoll, Midwest Area Accomplice at Dermody Properties. “That is the perfect performing submarket in Chicago by way of emptiness price, which is at the moment the bottom in the complete metro market. Its entry to transportation, labor and facilities is unmatched.”
Undertaking design will incorporate extremely enticing exteriors and can profit from the repurposing of current mature landscaping and ponds to make sure the brand new improvement seamlessly integrates into the neighborhood from a visible perspective. Dermody Properties plans to protect 50 years of flora and progress on the positioning with an effort to relocate tons of of bushes to enhance the economic buildings.
“Dermody Properties seems ahead to serving the wants of our clients, the neighborhood, and many stakeholders who helped make this venture doable,” mentioned Michael C. Dermody, Chairman of the Board and Chief Govt Officer at Dermody Properties. “The Logistics Campus completely suits our mission of making happy clients by means of modern actual property options. We particularly thank Allstate and the Village of Glenview for his or her imaginative and prescient that allowed this venture to come back to life.”
