Dermody expands suburban office-to-industrial plans as Bridge scales back
Dermody Properties is taking on another office-to-industrial conversion in the northern suburbs, while Bridge Industrial is scaling back its similar plans in Deerfield.
Nevada-based Dermody aims to convert the Caremark Towers on Sanders Road into a 300,000-square-foot industrial facility, Crain’s reported. The 18-acre site is just north of the 232-acre former Allstate campus in Glenview, which Dermody is transforming into a 10-building, 3.2 million-square-foot logistics park.
The empty former CVS Caremark office property at 2211 Sanders fetched $2.3 million at auction late last year from Schaumburg-based DTS Properties, public records show. And the mostly vacant office building next door at 2215 Sanders was sold near the same time for $2.2 million to Michigan-based Farbman Group, which also bought a West Loop office building at 600 West Jackson Street last year for a discount. Both those companies then reached out to the industrial developer about its interest in buying the site, Dermody’s Neal Driscoll said.