Dermody landed a major new tenant for its 3.2M SF Glenview industrial park — and this one has a little pop.
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PepsiCo agreed to lease a 352K SF build-to-suit logistics facility in The Logistics Campus, Dermody announced in a press release. Pepsi will begin to lease the property in February.
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 former Allstate corporate campus into a logistics park.
Work is already complete on more than 1.2M SF over five buildings, while the complete plan will feature 10 buildings totaling about 3.2M SF.
More than half of the space Dermody has already delivered is available for lease — roughly 700K SF — and is fit to accommodate tenants looking for between 50K SF and 295K SF. But that space could start to fill up quickly as industrial demand heats up in the Chicago area.
Industrial tenants signed 10.7M SF of new leases in the second quarter, the highest quarterly total since the first quarter of 2023, according to Colliers' Q2 industrial report. New leasing activity was up 43.5% from the prior quarter's total of 7.4M SF.
“I think people are feeling more comfortable with how the economy is looking right now,” Diana Perez, director of industrial research at Colliers, told Bisnow.
Colliers represented Dermody in the deal, and Cresa represented PepsiCo.
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