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Bridge Industrial Under Contract for Baxter Campus in Deerfield
Locally based Bridge Industrial is under contract to buy Baxter International’s corporate campus at 1 Baxter Parkway in Deerfield, IL, reported Crain’s Chicago Business. The talks are underway eight months after Baxter hired JLL to market its longtime home to buyers, a move to reduce its office footprint as more of its employees work from home more frequently.
Although the pending purchase price isn’t known, sources said Bridge has a deal to pay between $90 million and $100 million for the property, which includes 10 buildings totaling nearly 646,000 square feet between Saunders Road and Interstate 94/294 north of Lake Cook Road.
If the deal is finalized, Bridge would follow the lead of Nevada developer Dermody Properties, which paid $232 million last fall for the longtime Allstate corporate campus in Northbrook and launched work on the first part of what is slated to be a 10-building, 3.2-million-square-foot logistics park.
For more insights into the industrial market, be sure to register for Connect Industrial Midwest 2023, scheduled for Feb. 22 at Joe’s Live in Rosemont, IL.
- ◦Sale/Acquisition
