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Highlights
Industrial developer Dermody sold a portion of the former 232-acre Allstate headquarters campus in Glenview to Realty Income for $175 million.
Dermody purchased the property in 2022 for $232 million and is redeveloping it into an industrial campus planned for 10 warehouses totaling 3.2 million square feet, with the first phase (1.2 million square feet across five warehouses) complete.
Realty Income’s total investment in Dermody’s Chicago-area industrial properties reached $216 million after also purchasing a separate industrial property in Elmhurst for $41 million; leasing efforts on the Allstate campus have been mixed, securing leases with PepsiCo and HuFriedy Group but seeing Upside Foods pause its planned facility.