Dermody Reportedly Sells Portion Of Former Allstate Campus: The Chicago Deal Sheet
Dermody Properties reportedly sold a portion of the former Allstate campus in Glenview to Realty Income for $175M.
The company sold some of the campus split between two parcels, The Real Deal reported. Dermody acquired the 232-acre site at the intersection of I-294 and Willow Road in Glenview for $232M in October 2022 to convert the corporate campus into a 3.2M SF logistics park.
Dermody completed the first phase of its development plan, totaling 1.2M SF across five buildings.
PepsiCo. agreed to lease a 352K SF build-to-suit logistics facility in The Logistics Campus last August, and dental equipment manufacturer HuFriedy Group signed a 326K SF lease in 2025 as well.
PEOPLE
Greenstone Partners completed the strategic acquisition of D4 Realty, a brokerage specializing in office and industrial transactions. As part of the deal, Dave Schraufnagel, founder and principal of D4 Realty, will join Greenstone Partners as senior director of investment sales and leasing.
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Core Industrial Realty hired Alexander Smith as a broker. Smith is a recent graduate of the University of Illinois at Urbana-Champaign and will begin his career in industrial brokerage, focusing on the DuPage County and I-88 submarkets.
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Ginsberg Jacobs tapped Tim Franzen as partner and chair of its hospitality real estate practice. Franzen brings almost three decades of expertise spanning hospitality real estate law, development, acquisitions, operations and brand development. In the role, Franzen will lead the continued growth of the hospitality real estate practice while collaborating with other attorneys to support clients across asset classes.
SALES
Sedgwick Properties paid $2.5M for 1503 N. Wieland St., a multifamily property in Old Town, as part of a 1031 exchange. Marcus & Millichap's Kyle Stengle marketed the property on behalf of the seller and procured the buyer.
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HSG Medical and Capital Healthcare Properties closed on the $23.4M sale of the Advocate Health Care Cardiovascular ASTC & Outpatient Center at 1836 Freedom Drive in Naperville. The 42K SF, single-tenant medical facility was sold directly to Advocate Health and Hospitals Corp., a wholly owned subsidiary of Advocate Health.
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A local private investor acquired the nine-unit mixed-use property at 2105 W. Caton St. in Bucktown for $4.9M. The property, completed in 2023, features six two-bedroom units and two three-bedroom penthouse duplexes and was fully occupied at the time of sale. Interra Realty's Brad Feldman represented the buyer and the seller in the deal.
FINANCING
BWE secured $38.9M to refinance 194 units of Woodland Park by the Lake, a 240-unit gated condominium community at 3423 S. Cottage Grove Ave. in Bronzeville. BWE's Ryan Morris and Max Miller originated the five-year Freddie Mac loan on behalf of the sponsor, a joint venture between a property management firm and an investor group. The JV originally acquired 170 units in the property in 2019 as part of a fractured condo deal and has purchased more units and renovated them since.
CONSTRUCTION AND DEVELOPMENT
Ryan Cos. US, in a joint venture with Washington Capital Management, began construction on a 190K SF speculative industrial facility in Bellwood. The project at 840 25th Ave. is on the site of the former SureBuilt building. The building has an expected completion date of spring 2027.
