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The Logistics Campus Wins 2024 Illinois REjournal Award
Dermody Properties is pleased to announce that The Logistics Campus was recognized by the Illinois REjournal Awards as 2024’s Redevelopment/Historic/Reuse winner in the Industrial subcategory. This year, The Logistics Campus was the only industrial project to win the award in that category. Infill locations are increasingly rare and are in high demand in urban and close-in suburban markets across the country.
At one point, 13,000 people worked at the former Allstate campus in Glenview, Illinois. The campus, which offers almost one mile of frontage off the 10-lane I-294 Tri-State Tollway, was an iconic landmark for millions of commuters in the Midwest. It was also a prime example of a well-established, aging office campus at the intersection of work-from-home and e-commerce.
“The combination of scale (232 gross acres) in that location so close to affluent households (over 1 million residents within a 10-mile radius) was like finding a needle in a haystack,” said Douglas A. Kiersey, Jr., CEO and President at Dermody Properties. “When Allstate decided to sell, Dermody Properties viewed it as a generational opportunity.”
Dermody Properties broke ground on The Logistics Campus in October 2022. The planned, 10-building logistics park totals more than 3.2 million available square feet with flexibility to accommodate build-to-suits. Planned buildings can also be consolidated for a larger footprint and all buildings will feature Class A construction and design. The first phase of construction, which includes the first 1.2M SF of the logistics campus, is anticipated to be complete in Q2 2024.
“The North Suburban O’Hare industrial market in Chicago spans from I-90 in the south to Lake Cook Road in the north, running along I-294. This is the best-performing submarket in Chicago in terms of both vacancy rate and rents,” said Neal Driscoll, Midwest Partner at Dermody Properties. “The submarket benefits from excellent access to O’Hare International Airport and the central business district of Chicago while also being home to some of the area’s largest middle- to upper-income residential neighborhoods. Its access to transportation, labor and amenities is unparalleled relative to the entire metro Chicago market.”
During entitlement, residents of the surrounding communities were encouraged to express their support for or opposition to the redevelopment project during public hearings. As a result, Dermody Properties adopted changes to the plan to mitigate visual and noise concerns at the south end of the campus adjacent to a residential neighborhood and offered a design to shield most of the planned truck docks from Sanders Road, which runs along the west side of the campus. Dermody Properties also preserved 50 years of plant life and growth by relocating hundreds of trees to complement the industrial buildings.
Dermody Properties currently has two other properties available for lease in the region, including LogistiCenter℠ at Pleasant Prairie in Pleasant Prairie, Wis., and 1501 Harris Road in Libertyville, Ill. For more information, please visit the region page on the Dermody Properties website.