Dermody Sells Allstate Campus for $175M

Dermody’s massive Allstate campus redevelopment is heating up — the industrial giant just sold a chunk of the former HQ to Realty Income for $175 million, part of a $232 million purchase in 2022. The plan? Convert 10 buildings into a 3M+ sq ft logistics hub, with Glenview on board for tax incentives. Early wins include big leases from PepsiCo and HuFriedy, but setbacks like Upside Foods pausing their facility show the rollercoaster of large-scale development. Phase one — 1.2M sq ft across five warehouses — is complete, though details on the next steps remain hush-hush. Dermody’s CIO is pleased and committed. Meanwhile, Realty Income’s total investment in Dermody’s Chicago industrial assets now hits $216 million — a major play in Chicago’s commercial real estate scene. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/93417bad342b0c39